Genworth Shares Rise on 4Q Results

By Features FOXBusiness

Genworth Financial, Inc. (GNW) swung to a profit in the fiscal fourth quarter, a result of increases in its U.S. life and mortgage insurance business, the company said.

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The insurer weighed in with net income of $107 million, or 22 cents a share, compared with a year-ago net loss of $161 million, or 33 cents a share.

On an adjusted basis, earnings rose to 17 cents a share, up from last year’s adjusted fourth-quarter loss of 28 cents a share.

Revenue came in at $2.6 billion, compared with $2.59 billion, one year ago.

The results were mixed, as revenue beat expectations but profit came in slightly lower than expected.  Analysts had forecast earnings of 19 cents on sales of $2.58 billion, according to a poll by Thomson Reuters.

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"For Genworth, 2011 was a year of repositioning actions to move the company to move through an uncertain environment and provide a foundation for improved shareholder value,” said Michael D. Fraizer, chairman and chief executive officer, in a statement. “We made progress in several areas and will maintain an intense execution focus during 2012.”

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Shares of Genworth rose 7 cents, or nearly 1%, ahead of the close, finishing the day at $8.06 a share.  The stock was up 31 cents, or 3.9%, in after-hours trading.