A Closer Look
MetLife (MET) reported quarterly earnings of $1.83 per share, meeting the Zacks Consensus Estimate. This represents a year-over-year increase of 20.4% compared to $1.52 per share in the same quarter last year. These figures are adjusted for non-recurring items.
While the earnings per share met expectations, MetLife's revenue fell short of the Zacks Consensus Estimate. The company reported revenues of $17.02 billion for the quarter ended March 2024, missing the estimate by 3.81%. This represents a 5.5% increase compared to $16.13 billion in the same quarter last year.
Despite missing the revenue estimate, MetLife's stock has outperformed the market so far this year. MetLife shares have gained approximately 7.5% since the beginning of the year, compared to the S&P 500's gain of 5.6%.
What's Next for MetLife?
The sustainability of MetLife's stock price movement will depend on several factors, including management's commentary on the earnings call, future earnings expectations, and the overall market sentiment.
Analysts will be closely watching the earnings call for insights into MetLife's future plans and strategies. Additionally, the company's earnings outlook for the coming quarters and current fiscal year will be a key factor to consider. The current consensus EPS estimate is $2.15 on $18.24 billion in revenues for the coming quarter and $8.71 on $73.59 billion in revenues for the current fiscal year.
The performance of the insurance industry as a whole will also play a role in MetLife's stock price movement. The Zacks Industry Rank for Insurance - Multi line is currently in the top 29% of the 250 plus Zacks industries, indicating a positive outlook for the industry.
Assurant
Assurant (AIZ), another company in the insurance industry, is expected to report its quarterly earnings on May 7. Analysts predict a strong performance, with earnings per share expected to increase by 40.7% year-over-year to $3.87. The company's revenues are also expected to grow by 6.1% to $2.82 billion.
Investors will be watching closely to see if Assurant can meet or exceed these expectations. The company's performance could have an impact on the overall insurance industry and potentially on MetLife's stock price as well.