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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)
08/17/201607:00:00Genworth Mortgage Insurance Expands Partnerships with Top Retailers...
08/03/201617:12:46Quarterly Report (10-q)
08/02/201617:11:21Current Report Filing (8-k)
08/02/201617:05:00Genworth Financial Announces Second Quarter 2016 Results
07/15/201607:30:00Genworth Financial Schedules Earnings Conference Call For August...
07/01/201616:17:47Statement of Changes in Beneficial Ownership (4)
07/01/201616:16:58Statement of Changes in Beneficial Ownership (4)
07/01/201616:16:05Statement of Changes in Beneficial Ownership (4)
07/01/201616:15:39Statement of Changes in Beneficial Ownership (4)
07/01/201616:14:46Statement of Changes in Beneficial Ownership (4)
07/01/201616:14:20Statement of Changes in Beneficial Ownership (4)
07/01/201616:13:30Statement of Changes in Beneficial Ownership (4)
07/01/201616:13:04Statement of Changes in Beneficial Ownership (4)
06/27/201617:05:51Annual Report of Employee Stock Plans (11-k)
06/21/201607:00:00Genworth Survey: Surging Demand, Tighter Inventory, Create New...
05/16/201617:20:22Initial Statement of Beneficial Ownership (3)
05/13/201608:04:23Current Report Filing (8-k)
05/12/201613:26:00Genworth Financial Announces Results of Annual Meeting
05/10/201609:03:00Genworth 2016 Annual Cost of Care Study: Costs Continue to Rise...
05/09/201616:15:00Genworth Announces Completion Of European Mortgage Insurance...

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