Prudential Posts 3Q Profit On Market, Sales Gains

NEW YORK (AP) — Prudential Financial Inc., an insurance and investment company, on Wednesday posted its second straight quarterly profit, buoyed by market gains and strong sales of its investment products.

The results led the Newark, N.J., company to raise its forecast for the year.

Prudential said its financial services businesses earned $1.09 billion, or $2.35 per share, reversing a year-ago loss of $118 million, or 25 cents a year ago.

After-tax adjusted operating profit shot up 70 percent to $733 million, or $1.59 per share, from $430 million, or $1.02 per share, last year. The per-share results reflect a 9 percent increase in the number of outstanding shares, following a stock offering in June.

Analysts polled by Thomson Reuters, on average, expected profit of $1.33 per share.

Revenue rose 4 percent to $6.6 billion, just short of analyst expectations for $6.65 billion.

Of the company's three divisions, its investment division showed the biggest turnaround. Adjusted operating earnings rose to $314, reversing a loss of $182 million last year. Individual annuity gross sales rose to $5.9 billion, from $2.5 billion a year ago.