CNA Financial Earnings: Here’s Why Shares are Selling Off Now
CNA Financial Corporation (NYSE:CNA) had a loss and missed Wall Street’s expectations. Shares are down 1.5%.
CNA Financial Corporation Earnings Cheat Sheet
Results: Adjusted Earnings Per Share decreased to $-0.03 in the quarter versus EPS of $0.71 in the year-earlier quarter.
Actual vs. Wall St. Expectations: CNA Financial Corporation reported adjusted EPS loss of $-0.03 per share. By that measure, the company missed the mean analyst estimate of $0.04.
Quoting Management: “Our results in the fourth quarter were materially affected by Storm Sandy. In addition, our track record of continuously improving our accident year loss ratio was slowed by a number of large non-cat losses in this year’s fourth quarter. We did drive meaningful rate increases across our P&C portfolio and expect to show renewed progress toward our longer term goals throughout 2013,” said Thomas F. Motamed, Chairman and Chief Executive Officer of CNA Financial Corporation.
Key Stats (on next page)…