Prudential Financial reports 2Q results
NEWARK, N.J. (AP) — Prudential Financial Inc. (PRU) on Wednesday reported second-quarter net income of $708 million.
The Newark, New Jersey-based company said it had profit of $1.71 per share. Earnings, adjusted for non-recurring costs, came to $3.14 per share.
The results missed Wall Street expectations. The average estimate of 17 analysts surveyed by Zacks Investment Research was for earnings of $3.22 per share.
The financial services company posted revenue of $14.11 billion in the period, surpassing Street forecasts. Sixteen analysts surveyed by Zacks expected $13.63 billion.
Prudential shares have climbed 24% since the beginning of the year, while the S&P 500 index has climbed 19%. In the final minutes of trading on Wednesday, shares hit $101.31, increasing slightly in the last 12 months.
This story has been corrected to show that next income was $708 million, not $706 million.
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 PRU at https://www.zacks.com/ap/PRU