Prudential beats 4Q profit forecasts

Markets Associated Press

Prudential Financial Inc. (PRU) on Wednesday reported fourth-quarter net income of $284 million.

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On a per-share basis, the Newark, New Jersey-based company said it had profit of 65 cents. Earnings, adjusted for non-recurring costs, came to $2.46 per share.

The results topped Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.31 per share.

The financial services company posted revenue of $13.42 billion in the period.

For the year, the company reported profit of $4.37 billion, or $9.71 per share. Revenue was reported as $51.57 billion.

Prudential shares have increased 1 percent since the beginning of the year, while the Standard & Poor's 500 index has increased 2.5 percent. In the final minutes of trading on Wednesday, shares hit $105.22, a climb of 66 percent 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 has been corrected to show that the company reported fourth-quarter net income of $284 million, not $282 million, and net income per share was 65 cents, not 64 cents