Hartford Financial (HIG) Delivers Rare Beat and Raise Q3

November 3, 2009 4:54 PM EST

Hartford Financial Services (NYSE: HIG) reported a core earnings per share of $1.56, 45 cents better than the market consensus of $1.11. The company's core earnings, which exclude net realized investment gains and losses, came in at $660 million. In the year ago-quarter the near 200-year old company reported a core loss of $422 million, or $1.40 per share.

Hartford raised its core earnings per share estimate to $0.85 to $1.05 from $0.00 to $0.20, and well ahead of the market estimate of $0.50.

"The Hartford's third quarter core earnings results demonstrate a resilient company that is emerging from the challenges of the last 18 months," said Liam E. McGee, The Hartford's Chairman and Chief Executive Officer.

The company reported a net loss of $220 million, or 79 cents per common share, well ahead of the same quarter last year when the company posts a loss of $2.63 billion, or $8.74 per common share. The company has taken $3.4 billion in federal aid this year.

"There are clearly challenges, including the economy and the potential for a second downturn in the equity and credit markets, as well as the performance of our investment portfolio," McGee added. "We remain focused on managing through these issues."

The company has moved up 4 percent to $26.90 in aftermarket hours following the news.

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