Prudential misses 3Q net income expectations, tops revenue forecasts

MarketsAssociated Press

Prudential Financial Inc. (PRU) on Wednesday reported third-quarter earnings of $465 million.

The Newark, New Jersey-based company said it had profit of 99 cents per share. Earnings, adjusted for investment costs, came to $2.20 per share.

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The results did not meet Wall Street expectations. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.41 per share.

The financial services company posted revenue of $11.77 billion in the period, beating Street forecasts. Analysts expected $11.02 billion, according to Zacks.

Prudential shares have declined roughly 4 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 9.5 percent. In the final minutes of trading on Wednesday, shares hit $88.88, a rise of 9 percent in the last 12 months.

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This story was generated by Automated Insights using data from Zacks Investment Research. PRU stock research report from Zacks.

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Keywords:Prudential,Earnings Report