GO
Loading...

Genworth Earnings Decline on Expenses, Higher Benefits

Genworth Financial, a retirement and mortgage insurer, said earnings fell in the first quarter, hurt by higher benefits and expenses.

Genworth said earnings were $324 million, down from $334 million in the year-earlier quarter.

Earnings per share rose slightly to 71 cents from 70 cents as the insurer's number of shares declined from a year ago.

Excluding items, Genworth, which was spun off from General Electric in 2004, earned 75 cents a share, short of expectations. The company was seen reporting earnings of 77 cents a share, based on a consensus estimate compiled by Thomson Financial.

Genworth reaffirmed its guidance that 2007 operating income would be in the range of $3.15 to $3.25 a share.

In aftermarket trading, Genworth's shares fell to $36.24 from their close on the New York Stock Exchange at $36.49. In the last 12 months, the Richmond, Va.-based life insurer's shares rose about 8%, compared to the 13%gain in the Standard & Poor's insurance index.

Genworth, which split itself into two units in January, has said it expects to save $220 million over two years and will funnel about half of that into new investments.

Symbol
Price
 
Change
%Change
GE
---
GNW
---

Featured

  • The Marriner S. Eccles Federal Reserve building in Washington.

    CNBC's Fed Survey shows market pros aren't very confident the Fed can end its easy money polices without a market crash, a recession or bad inflation.

  • Merck employees walk past a Merck sign in front of the company's building in Summit, New Jersey.

    Merck reported better-than-expected results, with sales of newer drugs offsetting declining sales of drugs facing generic competition.

  • Pfizer reported higher-than-expected second-quarter earnings, helped by growing sales of its cancer medicines.

  • An attendee is silhouetted against a Microsoft poster at the Microsoft Developers Build Conference in San Francisco, April 2, 2014.

    An agency that enforces antimonopoly laws visited company offices in four cities, as the country more closely scrutinizes multinational companies.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    › Learn More

Don't Miss

U.S. Video