AXA Equitable Holdings Q2 Profit Down

(RTTNews) - AXA Equitable Holdings Inc. (EQH) Monday reported second-quarter net income of $158 million or $0.28 per share, down from last year's profit of $608 million or $1.08 per share.

On an adjusted basis, operating earnings for the quarter were $506 million or $0.90 per share, up from last year's operating earnings of $399 million or $ 0.71 per share.

Total revenues for the quarter were $2.96 billion, down from $3.88 billion last year.

Analysts polled by Thomson Reuters estimated earnings of $0.86 per share and revenues of $3.10 billion for the quarter. Analysts' estimates typically exclude one-time items.

"AXA Equitable Holdings delivered strong second quarter results, with operating earnings growth across all our business segments," said CEO Mark Pearson.

The company declared a quarterly dividend of $0.13 per share and also authorized a $500 million share repurchase program.

Total assets under management for the quarter were $656 billions, up from $631 billions last year. As of June 30, 2018, book value per share, including accumulated other comprehensive income, was $23.84. Book value per share, excluding AOCI, was $26.17 per share.