Prudential Financial, Inc. (PRU) Wednesday reported first quarter results for the period ended March 31, with lower net income but stronger adjusted operating performance compared to the prior year.
Net income for Prudential Financial was $707 million, down from $1.14 billion a year earlier, as the company absorbed $600 million in pre-tax reconciling items, including realized investment losses and unfavorable changes in market risk benefit valuations. Earnings per share declined to $1.96 from $3.12.
Adjusted operating income, which excludes certain market-related impacts and one-time items, rose to $1.19 billion from $1.12 billion in the same quarter last year. Adjusted earnings per share increased to $3.29 from $3.05. U.S. Businesses led the growth, generating $931 million in adjusted operating income, up from $805 million a year ago.
PRU closed Wednesday's trading at $102.71 down $1.32 or 1.27 percent on the New York Stock Exchange.
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