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Tags: US | Earns | Prudential

Hefty Gain Helps Prudential Turn Profit

Wednesday, 10 February 2010 05:43 PM

A hefty gain on the sale of its stake in Wachovia Securities has helped life insurer and annuity provider Prudential Financial report a fourth-quarter profit, reversing a year-ago loss.

The Newark, N.J., company posted quarterly earnings of $1.79 billion, or $3.79 per share, including a $1.4 billion gain from the sale of its stake in the brokerage joint venture to Wells Fargo in December.

In the year-ago period it reported a $1.66 billion loss.

Prudential said improving financial markets also helped boost results. Excluding certain investment gains and losses, adjusted profit totaled $1.07 per share. That's shy of the $1.11 per share that analysts polled by Thomson Reuters were expecting.

Prudential shares fell nearly 3 percent in aftermarket trading following the results.

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FinanceNews
A hefty gain on the sale of its stake in Wachovia Securities has helped life insurer and annuity provider Prudential Financial report a fourth-quarter profit, reversing a year-ago loss.The Newark, N.J., company posted quarterly earnings of $1.79 billion, or $3.79 per share,...
US,Earns,Prudential
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2010-43-10
Wednesday, 10 February 2010 05:43 PM
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