Prudential Financial Down 8% on Lower Than Expected Q1 Profit

Prudential Financial

is trading lower on the session following its Q1 earnings announcement yesterday. The company reported an EPS of $1.56 vs $1.71 estimates and revenues of $10.7 billion vs $10.48 billion estimates. Chairman and Chief Executive Officer John Strangfeld stated: “While our results for the first quarter reflect fluctuations in claims experience, expense levels, and market-driven items, our business fundamentals remain solid and we are continuing to grow quality business and build our franchises in attractive markets. In our U.S. businesses, we reached record-high levels of annuity and retirement account values, driven by our solid value propositions and demonstrated commitment to clients, their advisors and our distribution partners. Assets under management in our Asset Management business also reached a record high, reflecting strong institutional and retail flows. Prudential Financial is currently trading at $55.86, a loss of $5.08 or 8.34%.