Insurance provider Metlife Inc. (MET) on Thursday said it swung to a first quarter loss due to one-time charges, but adjusted results beat Wall Street’s expectations.
The New York-based company reported a first quarter net loss of $174 million, or -16 cents per share, compared with a net profit of $701 million, or 66 cents per share, in the year-ago period. Excluding special items, adjusted operating earnings were $1.37 per share.
Revenue rose 7% from last year to $16.69 billion.
On average, Wall Street analysts expected a smaller profit of $1.28 per share, on slightly lower revenue of $16.67 billion for the quarter.
Metlife shares closed up 50 cents, or +1.4%, in Thursday trading.
The Bottom Line
Shares of Metlife (MET) have a 2.03% dividend yield, based on today’s closing stock price of $36.47. The stock has technical support in the $31-$33 price area. If the shares can firm up, we see overhead resistance around the $39-$40 price levels.
Metlife Inc. (MET) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.
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