Prudential Financial Swings To 3Q Profit

NEWS: Prudential Financial Inc. said Wednesday that it swung to a profit in the third quarter, helped by the company's retirement and annuities businesses.

DETAILS: Prudential, the nation's second-largest life insurer after MetLife, said its retirement and investment management division had an adjusted profit of $1.26 billion in the quarter, more than double the $506 million profit it earned in the same period last year.

NUMBERS: Net income for the third quarter was $981 million, or $2.07 per share, versus a loss of $627 million, or $1.34 per share, a year ago. Revenue fell to $10.82 billion in the quarter from $13.24 billion in the same period a year ago. On an adjusted basis, which excludes one-time items like investment losses, the Newark, N.J, company earned $2.94 a share, much higher than the $2.11 per share analysts had expected, according to FactSet.

STOCK: Shares of Prudential were up 47 cents to $82.26 in after-hours trading. The stock is up 53 percent this year.