Why Investors Went Dark on Brighthouse Financial Today
Tuesday wasn't the sunniest day in Brighthouse Financial's (NASDAQ: BHF) existence. The company saw its share price crater by almost 13%, on the back of its latest earnings release. That slide was much more pronounced than the decline of the S&P 500 index, which was a relatively modest 1.4%.
Brighthouse released its fourth-quarter figures just after market close on Monday. These revealed that the annuities and insurance products specialist earned $1.4 billion on the top line; this was a vast improvement over the $127 million shortfall -- due to significant derivative losses -- in the same quarter of 2022.
Non-GAAP (generally accepted accounting principles) adjusted earnings, on the other hand, saw quite the decline. The company netted $189 million ($2.92 per share) on the bottom line, notably below the $282 million adjusted net income of fourth quarter 2022.
Source Fool.com
