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Genworth 1Q Net Drops 54% On Year-Ago Tax Gain

DOW JONES NEWSWIRES Genworth Financial Inc.'s (GNW) first-quarter earnings fell 54% from a year-earlier quarter boosted by tax benefits, while revenue increased, but the company's U.S. mortgage operations continued to struggle. "In the first quarter, we continued to deliver strong international performance, demonstrated sales and earnings progress in retirement and protection, and are seeing improving credit trends in U.S. mortgage insurance," said Michael D. Fraizer, chairman and chief executive. The life insurance and mortgage guaranty company's bottom line had mostly been improving in recent quarters, although core profit has disappointed as its mortgage operation has been a hindrance to results. Moody's Investors Service in February said it was reviewing Genworth for downgrade after it posted a surprise fourth-quarter loss. The U.S. mortgage operations' operating loss widened to $81 million, from $36 million a year earlier. The life-insurance operation's operating profit rose to $52 million, from $37 million. Genworth reported a profit of $82 million, or 17 cents a share, down from $178 million, or 36 cents, a year earlier. On an operating basis, earnings fell to 20 cents from 23 cents. Revenue jumped 6.1% to $2.57 billion. Analysts polled by Thomson Reuters most recently forecast earnings of 20 cents on $2.61 billion in revenue. Shares fell 0.2% to $12.15 after hours. As of the close, the stock had fallen 28% in the past year. -By Nathan Becker, Dow Jones Newswires; 212-416-2855; nathan.becker@dowjones.com

Stock News for Genworth (GNW)
DateTimeHeadline
12/06/201617:16:45Additional Proxy Soliciting Materials (definitive) (defa14a)
11/30/201607:00:00Genworth Survey: Industry Acknowledges Easing of Credit Access
11/08/201616:30:23Quarterly Report (10-q)
11/07/201616:44:53Statement of Changes in Beneficial Ownership (4)
11/07/201606:07:01Additional Proxy Soliciting Materials (definitive) (defa14a)
11/04/201606:05:52Current Report Filing (8-k)
11/03/201617:34:00Genworth Financial Announces Third Quarter 2016 Results
11/02/201618:36:00Genworth Australia Renews Lenders Mortgage Insurance Deal with...
11/02/201616:40:56Additional Proxy Soliciting Materials (definitive) (defa14a)
10/29/201608:00:00INVESTOR ALERT: Brower Piven Commences An Investigation Into...
10/28/201617:46:00Lifshitz & Miller Law Firm Announces Investigation of Alnylam...
10/28/201613:50:00Anbang to Seek Extension for Buy of U.S. Life Insurer
10/27/201620:20:00SHAREHOLDER ALERT: Brower Piven Commences An Investigation Into...
10/27/201609:15:00Wolf Popper LLP Investigates Buyout of Genworth Financial, Inc...
10/26/201615:53:00GENWORTH FINANCIAL INVESTOR ALERT BY THE FORMER ATTORNEY GENERAL...
10/25/201615:18:00A.M. Best Downgrades Issuer Credit Ratings of Genworth Financial...
10/25/201613:22:00Robbins Arroyo LLP: Acquisition of Genworth Financial, Inc. (GNW...
10/25/201606:03:40Additional Proxy Soliciting Materials (definitive) (defa14a)
10/25/201601:00:00Genworth, China Oceanwide Chart Path to Regulatory Approval of...
10/24/201616:49:25Additional Proxy Soliciting Materials (definitive) (defa14a)

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