Prudential Financial Blows Out Earnings (PRU)

Prudential Financial PRU blew out Wall Street earnings estimates. The company reported earnings of $1.69 per share on revenues of $9.2 billion. This compared to Wall Street estimates of $1.49 per share on revenues of $8.22 billion. “We are pleased with our strong first quarter results, driven by solid performance in our U.S. annuities and asset management businesses and our international insurance operations. Our financial strength, market commitment, and attractive value propositions have bolstered our competitive position, especially in the U.S. retirement and international protection and retirement markets, driving strong sales and flows in our businesses. We continue to focus on building high value-added business with favorable return prospects over market cycles by offering innovative solutions in these markets, where we see strong growth potential. In Japan, we've strengthened our franchise as a market-leading foreign life insurer with the addition of the Star and Edison businesses in February. We welcome more than three million clients, over 7,000 new Life Advisors, and valued new bank and independent agency distribution partners as we expand our commitment to the Japanese market where we have enjoyed success for more than 20 years based on serving lifetime financial security needs. Our thoughts are with our clients and associates in Japan who continue to deal with the effects of the earthquake and tsunami disaster in March, and we are especially grateful to our dedicated associates who continued to serve our clients and their communities through these tragic events,” said Chairman and Chief Executive Officer John Strangfeld. Assets under management amounted to $859 billion at March 31, 2011, compared to $784 billion at December 31, 2010 and $693 billion a year earlier. Shares closed at $62.43 today, down 75 cents.