American International Group Earnings: Here’s Why Shares are Up Now
American International Group, Inc. (NYSE:AIG) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 3.81%.
American International Group, Inc. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased 75.61% to $0.20 in the quarter versus EPS of $0.82 in the year-earlier quarter.
Revenue: Decreased 50.53% to $8.61 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: American International Group, Inc. reported adjusted EPS income of $0.20 per share. By that measure, the company beat the mean analyst estimate of $-0.08. It missed the average revenue estimate of $8.7 billion.
Quoting Management: “AIG’s operating profit this quarter shows the power and financial strength of our diverse global franchise,” said Robert H. Benmosche, AIG President and Chief Executive Officer. “We achieved these operating profits in spite of Storm Sandy – the second largest single catastrophe event for AIG in the U.S. These results show how the people of AIG are working together and getting the job done.”
Key Stats (on next page)…