2023-05-10 10:54:49 ET
Jackson Financial ( NYSE: JXN ) stock endured its worst intraday drop on record, plunging as much as 23% , after the financial services firm delivered first-quarter earnings and revenue that fell short of average analyst estimates.
Q1 adjusted operating EPS of $3.15, trailing the $3.99 consensus, dropped from $5.66 in the prior quarter and from $4.19 a year before.
Total revenue of -$749M, vs. $1.62B consensus, compared with -$381M in Q4 2022 and $2.22B in the year-earlier quarter. Weighing the most on revenue was total net losses on derivatives and investment of $3.40B, vs. losses of $3.04B in Q4 2022 and net losses of $538M a year ago.
Fee income advanced to $1.89B for the three months ended March 31, 2023, from $1.87B in the previous quarter and fell from $2.01B for the three months ended March 31, 2022.
During the quarter, JXN -- which primarily offers a suite of annuities to retail investors in the U.S. -- returned $124M to common shareholders through dividends and share repurchases, President and CEO Laura Prieskorn pointed out, "giving us a strong start toward our 2023 capital return target of $450-550 million."
Total benefits and expenses were $1.31B compared with $572M in Q4 2022 and -$392M in Q1 2022.
Earlier, the company declared a quarterly dividend of $0.62 per share.
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Jackson Financial stock plummets on big Q1 earnings, revenue miss