American International Group posts 1Q loss
NEW YORK (AP) — American International Group Inc. (AIG) on Monday reported a first-quarter loss of $183 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the New York-based company said it had a loss of 16 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, came to 65 cents per share.
The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 99 cents per share.
The insurer posted revenue of $12.51 billion in the period.
American International Group shares have declined almost 9 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed nearly 2 percent. In the final minutes of trading on Monday, shares hit $56.59, a climb of 0.5 percent in the last 12 months. In after-hours trading, the stock slipped 3.3 percent to $54.75.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AIG at http://www.zacks.com/ap/AIG
Keywords: American International Group, Earnings Report