MetLife warns 2013 earnings may be well below expected
By Tanya Agrawal | December 14, 2012 12:35 AM EST
The company said it expects to earn between $5.5 billion and $5.9 billion, or $4.95 to $5.35 per share, in 2013.
Analysts expect the company to earn $5.47 per share, according to Thomson Reuters I/B/E/S.
Metlife shares traded down 1.8 percent at $33 before the bell on New York Stock Exchange.
"While our operating earnings per share are expected to be lower in 2013 than in 2012, they are broadly consistent with what we predicted a year ago for an extended low interest rate environment," Chief Executive Steven Kandarian said in a statement.
The company said it expects to earn between $5.5 billion and $5.6 billion, or between $5.15 per share and $5.25 per share, in 2012.
Metlife on Wednesday won approval from the Office of the Comptroller of the Currency for the sale of its deposit-taking business to a unit of General Electric Co's
The long-delayed approval brings MetLife one step closer to shedding its banking business and its bank holding charter.
MetLife was one of four financial institutions to fail the Federal Reserve's stress test in March.
Shares of the company, which have risen about 5 percent since the beginning of the year, closed at $33.61 on Wednesday on the New York Stock Exchange.
(Editing by Saumyadeb Chakrabarty and Rodney Joyce)
(This story was corrected to say that the company won approval for the sale of its deposit-taking business on Wednesday, not last week in the seventh paragraph)
Most Popular Slideshows
- Taylor Swift Named Forbes' Second Highest Paid Country Musician [PHOTOS]
- Forever Lost: Indescribable Anguish for Malaysia Airlines MH17 Families, Remains of Some Victims May Never Be Found (PHOTOS)
- Global Aviation Accidents: UN to Form Safety Task Force, Gov'ts Should Share Intelligence Info to Avert Future Incidents on Flying Over Warzones (PHOTOS)
- PageSix: Beyonce & Jay Z Union is Not About Love, All About Business & the Brand
Join the Conversation
- Tourre on stand says email in SEC case 'not accurate'
- Syrian authorities blocking access to needy in Homs - Red Cross
- Faith in European Union at low ebb, EU poll says
- Former UBS banker gets 18 months, $1 million fine, for muni bid-rigging scheme
- U.S. judge halts challenges to Detroit's bankruptcy bid
- Samsung Galaxy S5 Alpha Leaks Online: Release Date, Five Features to Wait for New Smart Phone
- Photos of Motorola Moto X+1 Prototype and Specs Leak Online, Release Date, Four Fresh Features Revealed
- Sony Xperia Z3: Release Date, Five Features to Expect from New Android Smart Phone
- Freshly Leaked Apple iPad Air 2 Cases Confirm Touch ID Sensor; Release Date, Limited Specs and Price Listed
- Top Surprising Features Of iOS 8
- Top 4 Reasons Why iPhone 6 Will Hit Big Soon After its Sept 2014 Release Date
- Moto X Android 4.4.4 KitKat Update Guide: Schedule and How to Install