Cincinnati Financial (CINF) Misses Q1 EPS by 5c

Cincinnati Financial (NASDAQ: CINF) reported Q1 EPS of $0.75, $0.05 worse than the analyst estimate of $0.80.

• First-quarter 2018 net loss of $31 million, or 19 cents per share, compared with $201 million of net income, or $1.21 per share, in the first quarter of 2017, after recognizing a $156 million reduction in the fair value of equity securities still held that prior to 2018 would have been reported in other comprehensive income instead of net income.
• $22 million increase in non-GAAP operating income* to $120 million, or 72 cents per share, compared with $98 million, or 59 cents per share, in the first quarter of last year.
• $232 million decrease in first-quarter 2018 net income, reflecting the after-tax net effect of a $254 million decrease in net investment gains. Included in the $254 million decrease in net investment gains was a reduction of $98 million in net gains of securities sold, in addition to the $156 million noted above related to adopting a new accounting standard.
• $48.42 book value per share at March 31, 2018, down $1.87 or 3.7 percent since year-end.
• Negative 2.7 percent value creation ratio for the first three months of 2018, compared with positive 3.8 percent for the same period of 2017.

For earnings history and earnings-related data on Cincinnati Financial (CINF) click here.

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