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S&P 500 (NYSE:SPY) component American International Group Inc (NYSE:AIG) reported its results for the third quarter. American International Group is a holding company that is engaged in insurance and insurance-related activities in the global marketplace.
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American International Group Inc Earnings Cheat Sheet
Results: Reported a profit of $1.9 billion ($1.13 per diluted share) in the quarter. The insurance-multiline had a net loss of $4.11 billion or a loss of $2.10 per share in the year-earlier quarter.
Actual vs. Wall St. Expectations: American International Group Inc beat the mean analyst estimate of 85 cents per share.
Quoting Management: “AIG again posted a solid quarter, reflecting the continued strength of our core insurance operations and strong investment returns,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We are seeing continued momentum, and we’re building for the future by creating a more streamlined, efficient, and nimble company.”
The company has now surpassed analyst estimates for four quarters in a row. It beat the mark by 47 cents in the second quarter, by 61 cents in the first quarter, and by 21 cents in the fourth quarter of the last fiscal year.
Looking Forward: Next quarter’s results are expected to be more favorable for the company. Over the past sixty days, the average estimate for the fourth quarter has reached 77 cents per share, up from 73 cents. For the fiscal year, the average estimate has moved up from $3.78 a share to $4.43 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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