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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
03/26/201509:00:00Americans and Aging: New Genworth Research Examines Americans...
03/24/201516:06:08Statement of Changes in Beneficial Ownership (4)
03/23/201509:11:45Premarket Gainers / Losers as of 9:10 am
03/23/201507:34:19Genworth +2.3% as Raymond James doubles down
03/19/201506:08:48Genworth: Why Investors Should Take Advantage Of The 50% Off...
03/06/201507:53:412 Stock Bargains 'Hiding' In Plain Sight
03/02/201519:29:00Robbins Arroyo LLP Is Investigating the Officers and Directors...
03/02/201515:20:23Genworth Finds Material Weakness
02/26/201510:00:00Genworth Launches Star Studded "Let's Talk Now" Video To Educate...
02/24/201516:28:59Statement of Changes in Beneficial Ownership (4)
02/24/201516:28:59Statement of Changes in Beneficial Ownership (4)
02/24/201516:27:29Statement of Changes in Beneficial Ownership (4)
02/24/201516:26:55Statement of Changes in Beneficial Ownership (4)
02/24/201516:25:55Statement of Changes in Beneficial Ownership (4)
02/18/201516:08:31Statement of Changes in Beneficial Ownership (4)
02/18/201516:06:07Statement of Changes in Beneficial Ownership (4)
02/18/201516:04:38Statement of Changes in Beneficial Ownership (4)
02/17/201512:20:00Genworth Launches New Advisory Council on Long Term Care
02/13/201510:15:58Amended Statement of Ownership (sc 13g/a)
02/10/201517:14:22Current Report Filing (8-k)

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