Prudential beats 3Q profit forecasts

Markets Associated Press

Prudential Financial Inc. (PRU) on Wednesday reported third-quarter net income of $1.83 billion.

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The Newark, New Jersey-based company said it had profit of $4.07 per share. Earnings, adjusted for non-recurring gains, were $2.66 per share.

The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of $2.50 per share.

The financial services company posted revenue of $15.05 billion in the period.

Prudential shares have climbed roughly 3 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 3 percent. In the final minutes of trading on Wednesday, shares hit $83.79, decreasing slightly in the last 12 months.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRU at https://www.zacks.com/ap/PRU

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Keywords: Prudential, Earnings Report

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This story corrects that quarterly revenue was $15.05 billion, $13.38 billion.