IBJNews

Conseco profit edges analyst expectations

Back to TopCommentsE-mailPrintBookmark and Share

Conseco Inc. beat analysts' estimates with a modest rise in first quarter profit, the company announced today.

The Carmel-based life and health insurer earned $33.9 million, more than 38 percent higher than during the same quarter a year ago. Nearly all of that increase, however, was due to lower losses on investments and debt modifications.

Excluding those things, Conseco would have earned $38.2 million this year, or 14 cents per share, up from $37.5 million, or 20 cents per share, a year earlier. In the past year, Conseco issued nearly 66 million additional shares as part of a recapitalization of the company.

Wall Street analysts were expecting 13 cents per share, excluding investment results, according to a survey by Thomson Financial.

Losses on investments and debt modifications narrowed in the quarter to $4.3 million, or 1 cent per share, from $13 million, or 7 cents per share, a year ago.

Profits increased at Conseco’s Bankers Life and Colonial Penn subsidiaries, but fell at its Conseco Insurance unit, which is based in Carmel.

However, sales of new policies were strongest at Conseco Insurance, rising 12 percent compared with the first quarter last year. Sales also rose at Chicago-based Bankers and Philadelphia-based Colonial.

Revenue for the quarter fell 6 percent to $1 billion. Analysts expected $1.04 billion.

ADVERTISEMENT

  • Thanks
    for changing the original title.
  • misleading title
    Both, revenue and net income, are in line with expectations. The variance in sales is less than 1% unfavorable, while the variance in EPS is 1 cent favorable.

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

ADVERTISEMENT