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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
06/18/201516:57:07Annual Report of Employee Stock Plans (11-k)
06/03/201508:25:03Statement of Changes in Beneficial Ownership (4)
06/03/201508:22:01Statement of Changes in Beneficial Ownership (4)
05/26/201516:15:00Genworth U.S. Mortgage Insurance President & CEO Rohit Gupta...
05/20/201512:15:10What Is the S&P 500 Index?
05/18/201516:13:12Current Report Filing (8-k)
05/14/201511:54:00Genworth Financial Announces Results of Annual Meeting
05/12/201507:42:34Current Report Filing (8-k)
05/11/201518:27:00Genworth Financial Has Sold 92.3 Million Shares In Genworth Mortgage...
05/11/201509:00:13Genworth Financial to Sell Part of Its Stake in Australia Segment
05/11/201507:54:46Current Report Filing (8-k)
05/11/201502:33:00Genworth Financial Announces Sale Of A Portion Of Its Interest...
05/07/201516:10:00Broadcast and Presentation Information For Genworth Financial...
05/06/201510:07:02Do You Really Need Long Term Care Insurance?
05/06/201504:15:45Genworth Financial PT Raised to $12.00 at Jefferies Group (GNW)
05/05/201510:53:15Statement of Changes in Beneficial Ownership (4)
05/05/201503:28:02Genworth Financial Downgraded to "Underweight" at Morgan Stanley...
05/01/201516:39:00A.M. Best Places Ratings of Genworth Financial, Inc. and Subsidiaries...
04/30/201509:13:10TheStreet Reiterates Sell Rating for Genworth Financial (GNW)
04/30/201503:13:43Genworth Financial Upgraded to "Buy" at Compass Point (GNW)

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