Unum: 3Q Earnings Snapshot
CHATTANOOGA, Tenn. (AP) _ Unum Group (UNM) on Tuesday reported third-quarter net income of $242 million, after reporting a loss in the same period a year earlier.
The Chattanooga, Tennessee-based company said it had profit of $1.16 per share. Earnings, adjusted for investment costs and non-recurring costs, came to $1.36 per share.
The results fell short of Wall Street expectations. The average estimate of 12 analysts surveyed by Zacks Investment Research was for earnings of $1.37 per share.
The insurance company posted revenue of $2.96 billion in the period. Its adjusted revenue was $2.99 billion, which also missed Street forecasts. Eleven analysts surveyed by Zacks expected $3.01 billion.
Unum shares have dropped 2% since the beginning of the year, while the Standard & Poor’s 500 index has risen 21%. In the final minutes of trading on Tuesday, shares hit $28.76, a drop of 17% in the last 12 months.