Prudential Profit Crushes Estimates

(RTTNews) - Prudential Financial Inc (PRU) on Wednesday said it posted a net profit of $2.04 billion or $4.37 per share for the first quarter, compared with $1.23 billion or $2.59 per share last year.

Results for the quarter included, among other items, $1.05 billion of pre-tax net realized investment gains and related charges and adjustments.

Excluding items, operating earnings for the quarter were $2.79 per share compared with $2.40 per share a year ago.

The company's revenues for the quarter rose to $11.8 billion from $10.9 billion a year ago.

Analysts polled by Thomson Reuters estimated earnings of $2.38 per share on revenues of $11.1 billion for the quarter. Analysts' estimates typically exclude special items.

""Our first quarter results reflect solid underlying performance across our businesses and represent a strong start for the year...," said CEO John Strangfeld.

Strangfeld said the company's U.S. insurance protection businesses continue to benefit from growth-oriented actions, and its international businesses shows strength as well.

Prudential said it is on the verge of fully integrating the individual life insurance business it acquired from Hartford, with remaining cost savings expected to be realized by the third quarter.