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MetLife misses 3Q earnings and revenue expectations

NEW YORK, N.Y. – NEW YORK (AP) _ MetLife Inc. (MET) on Wednesday reported third-quarter profit of $1.2 billion.

The New York-based company said it had profit of $1.06 per share. Earnings, adjusted for non-recurring gains, were 62 cents per share.

The results missed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 76 cents per share.

The insurer posted revenue of $15.72 billion in the period, also missing Street forecasts. Three analysts surveyed by Zacks expected $17.37 billion.

MetLife shares have declined roughly 7 per cent since the beginning of the year, while the Standard & Poor’s 500 index has risen 2 per cent. In the final minutes of trading on Wednesday, shares hit $50.49, a decline of nearly 7 per cent in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MET at http://www.zacks.com/ap/MET

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Keywords: MetLife, Earnings Report