Prudential beats 1Q profit forecasts

Markets Associated Press

Prudential Financial Inc. (PRU) on Wednesday reported first-quarter earnings of $1.37 billion.

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On a per-share basis, the Newark, New Jersey-based company said it had profit of $3.09. Earnings, adjusted for non-recurring gains, came to $2.79 per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.64 per share.

The financial services company posted revenue of $13.67 billion in the period.

Prudential shares have risen 4 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 7 percent. In the final minutes of trading on Wednesday, shares hit $108.48, a rise of 40 percent in the last 12 months.

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This story was generated by Automated Insights 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