Metlife shares drop after postponing earnings release

Pedestrians walk outside the MetLife building in New York.
Daniel Acker | Bloomberg | Getty Images
Pedestrians walk outside the MetLife building in New York.

Metlife previewed earnings on Monday that fell far short of Wall Street expectations and rescheduled its fourth-quarter release.

The company said it sees adjusted earnings between 61 cents and 66 cents a share. Analysts had previously forecast earnings of about $1.08 per share.

Metlife had originally planned to report its fourth-quarter and full-year results on Jan. 31 and hold a conference call on Feb. 1. But now the company said it will post those results after the market close on Feb. 13.

Shares of Metlife dropped as much as 10 percent in after-hours trade. They have since recovered some of those losses, but were still trading about 5 percent below their closing price of $54.40.

For the fourth quarter, the company said it expects to see a pre-tax impact between $135 million and $165 million on its net income. Metlife said most of that can be attributed to a decision to strengthen the company's reserves, after conducting an internal review into its practices related to the matter.

Metlife said it expects to increase its reserves between $525 million and $575 million pre-tax.