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Thursday, August 08, 2013|
Two Things to Know From Hartford's Q2 2013 Earnings
Hartford [profile] Financial Services Group reported core earnings of $324 million or $0.66 per diluted share for the second quarter, missing analyst expectations of $0.71 per share. Its revenue beat the average revenue estimate of $5.46 billion, at $5.47 billion, according to Wall Street Cheat Sheet. Hartford posted a net loss of $190 million or $0.42 per diluted share, in contrast to $101 million or $0.26 per diluted share in last year's second quarter. Its mutual fund business brought in $20 million, up from $19 million in the second quarter of last year.
Reading through Seeking Alpha's transcript of Hartford's earnings call, MFWire found two things of note for fundsters:
POINT 1: Davey's sales efforts appear to be working. Liam McGee, chairman, CEO and president of Hartford, talked up Davey's work:
In mutual funds, Jim Davey and his team continued to make progress with strong growth sales and solid investment performance against benchmarks in the second quarter. We remain optimistic about our ability to improve net flows and grow assets under management ...POINT 2: Alternative flows have stablilized.
Jay Adam Cohen of Bank of America Merrill Lynch: I'm with BofA Merrill Lynch. A couple of questions. For the third quarter guidance, Chris, you had mentioned a somewhat lower run rate for the performance of some of the alternative investment funds. Is that because these are reported on a lag, you have a sense of the performance already?See the Seeking Alpha transcript of Hartford's earnings call and the earnings release for more on how Hartford is doing.
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