CNO misses mark with lower quarterly revenue, profit

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CNO Financial Group Inc. on Wednesday reported quarterly results that fell short of Wall Street predictions.

The Carmel-based insurance holding firm reported first-quarter profit of $45.5 million, or 25 cents per share, down from $52.8 million, or 26 cents per share, in the same period of 2015.

Earnings, adjusted for non-recurring costs, were 27 cents per share.

The adjusted results missed the average estimate of 32 cents per share by four analysts surveyed by Zacks Investment Research.

The company posted revenue of $960.4 million in the period compared with $978.3 million a year ago.

CNO shares closed at $19.49 each Wednesday, up 2 percent since the beginning of the year.

 

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