Aflac Says Sales Drop Worsened This Month, Withdraws Guidance for Adjusted. Earnings
April 29 2020 - 5:07PM
Dow Jones News
By Allison Prang
Aflac Inc.'s chief executive said the company's sales in the
U.S. and Japan started "to fall off" last month and the drop
worsened in April.
CEO and Chairman Daniel Amos said in prepared remarks that the
sales production drop was "impacted by a reduction in face-to-face
activity." The company's revenue in the first quarter was $5.16
billion, down 8.8% from a year ago. That missed the consensus
estimate from FactSet of $5.5 billion.
"While our respective sales platforms and distribution partners
are working to adapt to the new environment, we believe these
trends point to depressed sales at least until we see COVID-19
restrictions subside," Mr. Amos said Wednesday.
He also said the company is withdrawing its guidance for
adjusted earnings for this year.
Write to Allison Prang at allison.prang@wsj.co
(END) Dow Jones Newswires
April 29, 2020 16:52 ET (20:52 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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