Genworth Misses Estimates

The insurer backs its full-year targets and expands its buyback plan.
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(GNW) - Get Report

posted a small drop in third-quarter earnings, but the insurer reiterated its full-year targets and announced an increase to its buyback plan.

The company said Thursday that its net earnings fell to $304 million, or 65 cents a share, from $307 million, or 64 cents a share, a year earlier.

Operating income, which excludes investment losses, declined to $307 million, or 66 cents a share, from $311 million, or 65 cents a share, last year. The results missed analysts' average forecast for earnings of 70 cents a share, according to Thomson First Call.

Genworth's revenue climbed to $2.80 billion from $2.63 billion. Wall Street expected a top line of $2.81 billion.

For the full year, the company backed its earlier target for earnings of $2.75 to $2.85 a share. Analysts predict full-year earnings of $2.86 a share.

The company will add $250 million to its share-buyback authorization, bringing the program total to $1 billion. Genworth has already purchased some $675 million worth of stock under the buyback plan.