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Wednesday, November 04, 2009
Allstate Swings to Profit, Misses Estimates
By Kathryn Glass
FOXBusiness
Insurance company Allstate Corp. (ALL) missed Wall Street’s estimates for the third quarter, but returned to profitability after reporting a loss in the third quarter of last year.
The company saw net income of $221 million or 41 cents a share in the third quarter, which compares to a loss of $923 million or $1.70 per share in the year-ago quarter.
Operating income came to $538 million or 99 cents per share, while revenue rose 3.6% to $7.6 billion.
Analysts polled by Thomson Reuters were expecting earnings of $1.01 per share.
Shares of Allstate fell 61 cents or 2.06% to $29.01 a share on Wednesday after the market closed.
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