- Operating earnings of $687M or $1.47 per share fell from $831M or $1.77 per share a year ago, with $0.21 of the decline due to the yen's decline. Excluding the yen's impact, operating earnings fell 5.1%.
- About 308K shares repurchased in Q3 for roughly $18.5M, a far slower pace than the rest of the year - for the first 9 months of 2013, 5.6M shares were repurchased for $298M. Management expects full year repurchase total to be $800M, ahead of pervious guidance of $400M-$600M. 2014 buybacks are expected to be $800M-$1B compared to previous guidance of $600M-$900M.
- Book value per share of $31.47 vs. $29.46 at end of Q2.
- The quarterly dividend is boosted 5.7% to $0.37 per share for annualized yield of 2.21%.
- FY2014 operating EPS expected at $6.28-$6.52 if the yen averages ¥95-¥100 to the dollar. It represents a growth rate of 2-5% thanks to buybacks balancing out "several headwinds," including low rates in Japan, spending plans here and in Japan, and an increase in Japan's consumption tax starting in April.
- Conference call tomorrow at 9 ET.
- Q3 results, press release.
- AFL -0.7% AH.
at Zacks.com (Nov 10, 2014)