share repurchase
Ameriprise beats estimate, raises advisor headcount and dividendPosted by RJ and Makay on Apr 24, 2012 |
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Ameriprise Financial reported first-quarter 2012 operating earnings of $335 million, or $1.45 per diluted share, down from $344 million, or $1.33 per diluted share a year ago. Net income from continuing operations was $245 million, or $1.06 per diluted share, compared to $312 million, or $1.21 per diluted share for Q1 2011. The earnings beat analysts’ estimates of $1.38 per share.
Genworth Financial executives have not yet decided on whether to split up the company, but in a conference call with analysts last Friday CEO Mike Frazier said that the company was going ahead with contingency plans in preparation for a possible breakup. Genworth shares jumped 6% on the announcement, closing Friday at $8.32 Frazier, up $0.50, or 6.39 percent. Frazier acknowledged that a split-up could benefit shareholders.
Ameriprise Financial announced last week that its board of directors has authorized an additional buyback of up to $2 billion worth of its common stock through June 28, 2013. Through the first quarter of 2011, the company had repurchased $969 million of common stock under its current $1.5 billion authorization, and the remaining capacity will continue to be available through the firm’s 2012 annual shareholders’ meeting.
