Prudential Financial (PRU) Misses Q1 EPS by 45c

Prudential Financial (NYSE: PRU) reported Q1 EPS of $2.32, $0.45 worse than the analyst estimate of $2.77.

• Net loss attributable to Prudential Financial, Inc. of $271 million or $0.70 per Common share versus net income of $932 million or $2.22 per share for the year-ago quarter.
• After-tax adjusted operating income of $939 million or $2.32 per Common share versus $1.259 billion or $3.00 per share for the year-ago quarter.
• Book value per Common share of $152.45 versus $132.83 per share for the year-ago; adjusted book value per Common share of $99.71 versus $96.76 per share for the year-ago.
• Capital returned to shareholders of $945 million in the quarter versus $915 million for the year-ago quarter, including dividends of $1.10 per Common share, representing a 4% yield on adjusted book value.
• Parent company highly liquid assets of $5.3 billion versus $5.5 billion for the year-ago.
  • Completed $1.5 billion senior debt issuance, including $0.5 billion Green Bond, intended to cover maturities through 2021.
• Assets under management amounted to $1.481 trillion versus $1.456 trillion for the year-ago.

Charles Lowrey, Chairman and CEO, commented on results:

“First, we would like to share our thanks and gratitude to all of the emergency and medical responders who are on the front lines of the global pandemic crisis. The health and security of our employees and their families remain our utmost priority. Their wellbeing enables us to address the evolving health and financial needs of our customers and our community as the pandemic and its economic impact reverberates more broadly.

While market turbulence related to the pandemic adversely impacted our first quarter financial results, Prudential remains 'Rock' solid with robust risk management, a strong balance sheet, and significant resources to continue to fulfill the promises we have made.

Looking ahead, execution of our key initiatives remains on track, and we are accelerating a number of our actions.

Backed by our financial strength and guided by our purpose, we strive to solve the financial challenges of our changing world in support of an inclusive global recovery.”

For earnings history and earnings-related data on Prudential Financial (PRU) click here.

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