Prudential Misses 2Q Profit Forecasts

NEWARK, N.J. (AP) _ Prudential Financial Inc. (PRU) on Wednesday reported second-quarter profit of $491 million.

On a per-share basis, the Newark, New Jersey-based company said it had profit of $1.12. Earnings, adjusted for non-recurring costs, were $2.09 per share.

The results did not meet Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $2.70 per share.

The financial services company posted revenue of $13.44 billion in the period. Its adjusted revenue was $13.03 billion.

Prudential shares have climbed 11 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 11 percent. In the final minutes of trading on Wednesday, shares hit $115.23, an increase of 56 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PRU at https://www.zacks.com/ap/PRU

Keywords: Prudential, Earnings Report