Jackson Financial Inc. (JXN) shares plummeted 8.21% in pre-market trading on Wednesday, following the release of the company's first-quarter financial results.
The company reported adjusted earnings per share of $5.15 for the quarter, missing the analyst consensus estimate of $5.96 by approximately 13.6%. Additionally, Jackson Financial posted a net loss attributable to common shareholders of $435 million, or $(6.24) per diluted share, significantly wider than the loss of $35 million a year earlier.
While the company reported quarterly sales of $2.902 billion that beat estimates and noted strong retail annuity sales growth, investors focused on the earnings shortfall and substantial net loss, driving the sharp decline in share price.
Comments