American International Group Reports Higher Profit – AGNC, AGU, AIG
American Capital Agency Corp. (NASDAQ:AGNC) shares gained 0.51% to $35.22 pre-market trading after the company reported second-quarter net loss of $264 million or $0.88 per share, as compared to net income of $178 million or $1.36 per share in the same quarter of last year. Net interest income for the quarter increased to $384 million, as against $201 million in the prior year quarter. Total other loss was $612 million, as compared to $6 million in year ago quarter.
Agrium Inc. (USA) (NYSE:AGU) reported second quarter net earnings of $860 million or $5.44 per share, as compared to $718 million or $4.54 per share in the same quarter a year ago. Adjusted net earnings were $864-million or $5.47 per share for the recent quarter. Sales increased to $6.83 billion from $6.20 billion in the prior-year quarter. Analysts expected the company to report earnings of $5.22 per share on revenues of $6.60 billion.
Additionally, the company’s Board of Directors has authorized the making of a Dutch auction substantial issuer bid to repurchase $900-million of its outstanding shares. Agrium anticipates that the Bid will commence in early September 2012 and be scheduled to be completed in mid-October 2012.
American International Group, Inc. (NYSE:AIG) stock increased 1.01% to $31.15 in pre-market session after the company reported a larger profit for the second quarter, primarily due to tax benefits that augmented results and operating income grew across the company’s varied insurance businesses.
The company posted second quarter net profit of $2.33 billion, or $1.33 per share, as against $1.84 billion or $1 a share in the same quarter a year earlier. Operating income was $1.06 per share. Analysts expected earnings of $0.57 per share.
Additionally, the company reported over $11 billion in liquidity at the parent company level, which is expected to be used for buy down of some of the government’s remaining stake.
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