Prudential: 3Q Earnings Snapshot
NEWARK, N.J. (AP) _ Prudential Financial Inc. (PRU) on Wednesday reported third-quarter profit of $1.67 billion.
On a per-share basis, the Newark, New Jersey-based company said it had net income of $3.90. Earnings, adjusted for non-recurring gains, came to $3.15 per share.
The results exceeded Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $3.14 per share.
The financial services company posted revenue of $14.43 billion in the period, which also topped Street forecasts. Seven analysts surveyed by Zacks expected $13.51 billion.
Prudential shares have decreased 12 percent since the beginning of the year, while the Standard & Poor’s 500 index has climbed 5 percent. In the final minutes of trading on Wednesday, shares hit $100.69, a fall of 10 percent in the last 12 months.