CNO Financial Group, Inc. (CNO) Wednesday said first-quarter profit plunged to $11.9 million or $0.05 per share from $59.1 million or $0.21 per share in the comparable quarter last year.
First-quarter results were significantly impacted by the loss of $57.2 million on extinguishment of debt relating to a tender offer to repurchase a portion of 7.0 percent convertible senior notes.
On average, nine analysts polled by Thomson Reuters expected the company to earn $0.22 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues improved to $1.14 billion from $1.12 billion last year. Analysts expected revenues of $1.06 billion.
Net realized investment gains, excluding impairment losses, amounted to $15.3 million, compared to $30.8 million last year.
For comments and feedback: editorial@rttnews.com