Metlife Inc (NYSE: MET)
Metlife shares sunk more than 2% late yesterday after the company reported its adjusted Q4 earnings that were below what analysts had been expecting.
The company said it earned a $1.97 a share, or$2.1 billion in the quarter, versus a loss $2.03 a share, or of $2.2 billion in the previous financial period. Net income includes a $1.21 billion charge related to the American tax overhaul, and a $70.1 million, after tax, policy reserves charge.
MET Earnings & Outlook
Â
The company earned 64 cents a share, or $678 million, adjusted for one time earnings, compared with 94 cents a share last year. Revenue climbed to $15.74 billion, from $12.61 billion in the previous year.
Analysts had expected adjusted earnings of $1.09 per share on revenue of $15.53 billion. In January, the company put its earnings report on hold and said it would go adjust its previous quarterly earnings due to some pension benefits it had not paid out.
Metlife Executive Comments
On Tuesday, Metlife CEO said the company’s internal failures that caused it not to make payments to hundreds of pensioners dated back 25 years ago. He added that the insurer would take a huge effort this financial year to solve the problems.
“We are taking the right steps to come up with a solution to the situation and we will continue dedicating ourselves to doing better.â€Â John Hele, the company chief financial officer, said in a video presented to investors yesterday.
