(Source: Associated Press/AP Online)
NEW YORK - Prudential Financial Inc., an insurance and investment company, posted its second straight quarterly profit, buoyed by market gains and strong sales of its insurance products.
Prudential said its financial services businesses earned $1.09 billion, or $2.35 per share, reversing a year-ago loss of $118 million, or 25 cents a year ago.
After-tax adjusted operating profit shot up 70 percent to $733 million, or $1.59 per share, from $430 million, or $1.02 per share, last year.
Analysts polled by Thomson Reuters, on average, expected profit of $1.33 per share.
Revenue rose 4 percent to $6.6 billion, just short of analyst expectations for $6.65 billion.
Newark, N.J.-based Prudential said soaring annuity sales and other insurance sales boosted results.
The company also raised its guidance for the year, and now expects profit between $5.40 and $5.60 a year.
Prudential shares closed Wednesday's regular session down 45 cents at $46.56, then gained 26 cents in aftermarket electronic trading after the earnings report was released.
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