The Pros And Cons Of Investing In Genworth Shares
By Hawkinvest:Genworth Financial, Inc. (GNW) just announced financial results, as well as the resignation of CEO, Michael Fraizer. The company earned $47 million in the first quarter of 2012, or about 9 cents per share. This was lower than the $59 million or 12 cents earned in the same period last year. It was also below analyst estimates of 11 cents per share. A new concern is that the mortgage insurance division posted losses of about $36 million, which is a reversal, when compared with the $16 million profit it earned in the same quarter last year. Genworth shares saw a substantial drop after the company announced it would delay the initial public offering of its Australian mortgage insurance unit. This event was expected to raise a substantial amount of capital and strengthen the balance sheet, which has been hit hard by the weak housing market. Australia has been suffering fromComplete Story »
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