
AIG Stock Tumbles in After-Hours Trading as Earnings Miss Estimates
NEW YORK (TheStreet) -- American International Group (AIG) - Get Report stock is lower by 1.66% to $62.65 in after-hours trading on Monday, after the company reported its 2015 third quarter financial results.
The New York City-based insurance company reported a loss of 18 cents a share, down from earnings of $1.52 per share in the year ago period.
Operating income declined to 52 cents per share, down by 56.3% from $1.19 per share last year.
Revenue fell to $12.82 billion from $16.70 for the 2014 third quarter.
AIG had been forecast to post earnings of $1.03 per share on revenue of $14.22 billion for the most recent quarter by analysts surveyed by Thomson Reuters.
"This quarter's results, while falling short of expectations due to market volatility, show signs that we are making progress to transform AIG for long-term competitiveness," CEO Peter D. Hancock said in a statement.
"Our strategy focuses on four major objectives: to narrow our focus on businesses where we can grow profitably, drive for efficiency, grow through innovation and optimizing our data assets, and return excess capital."
Separately, TheStreet Ratings team rates AMERICAN INTERNATIONAL GROUP as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
We rate AMERICAN INTERNATIONAL GROUP (AIG) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share.
You can view the full analysis from the report here: AIG
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