Genworth Financial Inc. (GNW) Tuesday said first-quarter profit surged to $103 million or $0.21 per share from $46 million or $0.09 per share in the comparable quarter last year.
Income from continuing operations totaled $161 million or $0.25 per share, up from $67 million or $0.07 per share last year. On average, 10 analysts polled by Thomson Reuters expected the company to earn $0.27 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues dropped to $2.30 billion from $2.32 billion last year. Analysts expected revenues of $2.49 billion.
Book value per share for the quarter was $32.90, compared to $29.89 last year. Book value per share, excluding accumulated comprehensive income was $23.11.
Net investment losses for the quarter totaled $28 million, compared to gains of $17 million in the prior year.
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