Stock:
Symbol Lookup
Register | Login
...
History
...
...

Pre Market | Dow Jones | Gold | Newsletters | Learn


AIG Posts Surprise Q4 Adjusted Profit

Friday, February 22, 2013 4:27 AM
Insurance giant, American International Group (NYSE: AIG) reported late on Thursday that it swing into a loss in the fourth quarter as its bottom line took a hit from a loss stemming from the sale of its aircraft leasing business and Super storm Sandy; however, on adjusted basis, earnings topped Street’s estimate sending shares 4.27% higher in aftermarket trading. For the fiscal first quarter, AIG reported a net loss of $4 billion or $2.68 a share, compared to a profit of $21.5 billion or $11.31 a share, in the year-earlier quarter. The recently concluded quarter included a loss of $4.4 billion linked to a loss arising from the sale of aircraft leasing business, The International Lease Finance Corporation (ILFC) and $2 billion in payouts linked to Super Storm Sandy. Earlier in December 2012, AIG entered in a deal with an investors group to sell 90% stake in ILFC. The deal is likely to close in the fiscal second quarter of 2013, provided it is approved by regulators both in China and the U.S.  However, after adjusting onetime items, earnings came at 20 cents, which dumbfounded the Street. Analysts’ consensus estimate was for quarterly loss of 8 cents a share on revenue of $8.70 billion. In the same period of last year, AIG posted adjusted earnings of 82 cents a share. Among insurer’s different revenue generating segments, after-tax operating income from AIG's life-insurance business climbed 20 percent jump in the recently concluded quarter.  In direct investment book segment, the insurer reported after tax operating income of $509 million, up from after tax loss of $27 billion while capital markets operation segment posted after tax operating income of $300 million, up from after tax operating income of  $46 million in the year earlier quarter. In property and casualty division, AIG posted an after-tax operating loss of $945 million owing to the Sandy losses. In the fiscal 2012 net income came at $3.4 billion, or $2.04 per diluted share, compared to $20.6 billion, or $11.01 per diluted share, reported in fiscal 2011.
PRINT

FREE Options Trading Lessons
I'll show you how to unlock HUGE Gains with Options Trading
Let's make 2014 the year you get RICH!

Latest Headlines

Amazon's eroding tax advantage, bid to sustain growth in focus in first quarterAmazon's eroding tax advantage, bid to sustain growth in focus in first quarter
SAN FRANCISCO (Reuters) - Amazon.com Inc`s quarterly results on Thursday may heighten worries that its edge over online and even traditional brick-and-mortar rivals is narrowing as it charges sales ...
AT&T margin weakness fuels concern about U.S. cellular sectorAT&T margin weakness fuels concern about U.S. cellular sector
NEW YORK (Reuters) - Increasingly aggressive discounting is taking a toll on AT&T Inc and U.S. cellular rivals as they struggle to attract customers in a nearly saturated market. While recent ...
Telekom Austria proves slippery target for SlimTelekom Austria proves slippery target for Slim
VIENNA (Reuters) - Tycoon Carlos Slim stumbled in his bid for control of Telekom Austria <TELA.VI> on Wednesday, as a meeting designed to rubber-stamp a co-ownership deal with the Austrian gov...
ECB's Nowotny says would not rule out QE, but don't need it yetECB's Nowotny says would not rule out QE, but don't need it yet
VIENNA (Reuters) - European Central Bank policymaker Ewald Nowotny said he would not rule out a quantitative easing (QE) - or money printing - program to buy sovereign bonds, but the time for such a s...
Ahead of earnings, Caterpillar dealer data paints mixed pictureAhead of earnings, Caterpillar dealer data paints mixed picture
(Reuters) - Caterpillar Inc <CAT.N> released unaudited dealer sales data on Wednesday that showed a deepening deterioration in global demand for its mining equipment but a continued, albeit mode...

Loading Headlines...
 

Stock Market

Track the stock market today with the latest news and information on all things investing! Watch your stocks perform throughout the day and watch the breaking stock market news.

Feedback | disclaimer | privacy policy

Stock Market News

The Stock Market is ever changing. Keep up on your stock market news.

Stock Market Newsletters

Read up on your favorite stock market newsletters.


Learn the Stock Market

Sharper your stock trading skills with our stock market education section.