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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;

Stock News for Genworth (GNW)
02/16/201717:27:28Statement of Changes in Beneficial Ownership (4)
02/16/201717:27:00Statement of Changes in Beneficial Ownership (4)
02/16/201717:26:36Statement of Changes in Beneficial Ownership (4)
02/15/201718:49:00WeissLaw LLP Files Class Action Lawsuit Against Genworth Financial...
02/14/201711:23:25Amended Statement of Ownership (sc 13g/a)
02/13/201709:09:24Amended Statement of Ownership (sc 13g/a)
02/07/201718:07:00Genworth Australia Cautions Key Metrics to Weaken
02/07/201717:14:43Current Report Filing (8-k)
02/07/201717:07:00Genworth Financial Announces Fourth Quarter 2016 Results
02/07/201711:59:07Amended Statement of Ownership (sc 13g/a)
02/06/201717:12:56Statement of Changes in Beneficial Ownership (4)
01/25/201706:13:00Genworth Financial Announces Filing of Definitive Proxy Statement...
01/25/201706:09:01Proxy Statement - Merger or Acquistion (definitive) (defm14a)
01/24/201717:36:00Genworth Financial To Issue 4th Quarter 2016 Results on February...
01/24/201706:05:16Amended Statement of Ownership (sc 13g/a)
01/10/201716:23:01Amended Current Report Filing (8-k/a)
01/03/201716:15:15Statement of Changes in Beneficial Ownership (4)
01/03/201716:13:05Statement of Changes in Beneficial Ownership (4)
12/21/201616:13:17Initial Statement of Beneficial Ownership (3)
12/21/201616:12:00Initial Statement of Beneficial Ownership (3)

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