Prudential Financial Q1 profits down 11%

05/04/06 - newratings.com

NEW YORK, May 4 (newratings.com) – Prudential Financial Inc (PRU) Wednesday announced an 11.9% decline in its first-quarter profits.

The Newark, New Jersey-based company said its net income for the three-month period fell to $675 million, or $1.38 per share, from $766 million or $1.49 per share, in the year-ago quarter. Prudential Financial’s revenues climbed 9.5% to $6.13 billion in the first quarter, from $5.6 billion in the same period a year earlier. The company reported its operating earnings for the latest quarter at $669 million, or $1.36 per share, as compared to $601 million, or $1.18 per share, in the year-ago period. Prudential Financial reiterated its profit guidance for the year at $5.40-$5.60 per share.