Genworth Beats by a Penny

An accounting change helps the fourth quarter.
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Genworth (GNW) - Get Report beat Wall Street estimates by a penny in its fourth quarter, helped along by an accounting change.

The Richmond, Va., insurance spinoff of

GE

(GE) - Get Report

made $307 million, or 64 cents a share, in the quarter ended Dec. 31. That's down from the year-ago $346 million, or 70 cents a share. Excluding unusual items, latest-quarter net operating earnings rose to $300 million, or 62 cents a share, from the year-ago $254 million, or 52 cents a share. Analysts surveyed by Thomson First Call were looking for an operating profit of 61 cents.

Net operating earnings for the fourth quarter of 2005 included an after-tax increase of $19 million, or 4 cents a diluted share, in net investment income from an adjustment to commercial mortgage loan loss reserves resulting from a change in process for estimating credit losses.