real-time news and commentary for investors
Tuesday, Jul 30
Genworth earnings an excuse to lighten up
- Genworth (GNW) book value per share of $29.76 is off from $32.90 at the end of Q1; excluding AOCI (gains/losses on portfolio), book value of $23.39 vs. $23.11.
- U.S. life insurance operating profit of $79M vs. $64M a year ago, but off from $85M in Q1 as sales of life insurance products unexpectedly fell. "The company will continue to make pricing and product changes that would be expected to increase sales over time."
- International mortgage insurance profit of $89M vs. $76M.
- U.S. mortgage insurance profit of $13M vs. loss of $25M.
- Net operating profit of $133M up 98.5% Y/Y.
- The holding company ends quarter with about $1B in cash and liquid securities, up about $50M from Q1.
- Earnings call tomorrow at 7:30 ET.
- Shares -4.9% AH after a near-tripling over the past year.
- Previous: Earnings report. (PR)