Prudential Financial (NYSE:PRU) announced its results for the most recent quarter on November 7, 2012. Prudential Financial offers a wide range of financial products and services, including life insurance, annuities, retirement-related services, mutual funds, investment management, and real estate services.
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The Numbers: Prudential Financial's revenues topped expectations, though the company's EPS fell short of predictions. The company reported $1.41 per share versus the $1.67 per share estimate and revenues of $13.25 billion versus the $10.48 billion estimate. EPS fell from $3.18 per share in the year-ago quarter while revenue climbed 35.6% from the same period last year. Prudential Financial swung to a loss of $661 million during the third quarter.
Management Quote: "Our current quarter results benefited from solid performance across our businesses. In our U.S. businesses, solid sales and net flows are driving organic growth of quality business virtually across the board. Our recently announced agreement to acquire The Hartford's individual life insurance business, together with two major ground breaking pension risk transfer transactions, will complement our organic growth, enhancing our leadership positions in attractive markets and contributing toward achievement of our longer term objectives. Our international insurance business continues to perform well, building on success in serving protection and retirement needs through multiple distribution channels," said Chairman and Chief Executive Officer John Strangfeld.
Looking Ahead: Analysts appear increasingly optimistic about the company's results for the next quarter. The average estimate for the fourth quarter has moved up from $1.73 a share to $1.74 over the last 30 days. Increasing earnings estimate is a positive sign about the company and it typically leads a increase in the stock price. The average estimate for the fiscal year is $6.33 per share, down from $6.38 90 days ago.