-- All streaks must, eventually, come to an end. And this is one that Prudential Financial is probably quite happy to have broken.
After posting losses in three consecutive quarters, insurance and investment company
on Wednesday announced a second-quarter profit -- the result of improving financial markets.
Not only did the company's deliver profit that surpassed the expectations of the Street, it also raised its forecast for the year. Shares rose $1.32 to $48.20 in after-hours trading following the earnings release.
In early morning trading Wednesday, though, shares in the company were sinking, falling by more than 2% after the opening bell, to reach $45.80.
Prudential said its financial services businesses earned $538 million, or $1.25 per share, compared with $566 million, or $1.32 per share, in the 2008 second quarter. The results include $877 million of pretax net realized investment losses and related charges and adjustments.
The company's adjusted operating income totaled $817 million, or $1.96 per share, in the latest period.
Revenue slipped 8 percent to $6.34 billion, from $6.85 billion last year.
Analysts polled by Thomson Reuters, on average, expected profit of $1.20 per share on higher revenue of $6.55 billion.
-- Written by Ty Wenger in New York.
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