graphic
News > Companies
Conseco beats 2Q, warns
August 6, 2001: 6:03 p.m. ET

Insurer and finance company sees lower than expected full-year results
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Conseco Inc. reported a second-quarter profit Monday, reversing a year-earlier loss and edging past Wall Street forecasts, but the insurer and financial services company lowered its earnings guidance for the remainder of the year.

graphic  
The Indianapolis-based company, which has been shedding units in a reorganization effort, earned $69 million, or 21 cents a share, better than the 20 cents a share forecast of analysts surveyed by earnings tracker First Call. It posted a loss of 9 cents a share a year earlier.

Sales rose to $312 million from about $240 million from continuing operations.

The company said stock market weakness is pressuring its annuity business and that without an unexpected turnaround in that business it is looking at earnings per share of 80 to 95 cents a share for the year. That's better than the 49 cents a share it earned in 2000, but slightly below the First Call forecast of 97 cents a share for the year, and the company's earlier guidance of 90 to $1.10 a share.

The earnings report lifted shares of Conseco (CNC: unchanged at $14.20, Research, Estimates) 20 cents in after-hours trading, after the stock closed regular-hours trading unchanged at $14.20.

Click here for a look at financial stocks

The company's last guidance was in February, when it lowered its forecasts for first half of the year but said it expected better-than-forecast results in the second half. Before that warning, First Call's EPS forecast for Conseco in the second quarter stood at 29 cents. graphic

  RELATED STORIES

Conseco challenges lawsuit allegations - Feb. 14, 2001

Conseco sells asset, warns - Dec. 19, 2000

Lehman forms group to buy Conseco Finance - May 26, 2000

Conseco in management shakeup - Apr. 28, 2000

Conseco looks to sell $46B mortgage subsidiary - Mar. 31, 2000

  RELATED SITES

Conseco


Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.

Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.