AllianceBernstein, Fannie Mae Start Off Q2 Earnings for First Week of August

Insurance companies will dominate earnings reports released in first week of August

While the bulk of second-quarter 2010 earnings were released in July, a number of financial companies plan to report their latest results in the first week of August. Here are analysts' estimates for earnings yet to come from banks, insurers and other financial companies.

On Monday, August 2, AllianceBernstein Holding (AB) is expected to report earnings at 7 a.m. Eastern Standard Time. AB's earnings per share are anticipated to be $0.45 in the second quarter compared to EPS of $0.41 a year ago on estimated revenue of $715.9 million, down 0.8% from $721.4 a year ago.

National mortgage lender Fannie Mae (FNMA.OB) also is scheduled to report earnings on August 2. Fannie Mae's earnings per share are expected to be down $4.47 compared to second-quarter 2009 on $3.3 billion in revenue, a 32% drop in sales growth. Quarterly EPS in March was down $2.29.

Principal Financial Group (PFG) also will release its quarterly earnings report on August 2. The company is anticipated to report earnings of $0.66 versus actual EPS of $0.69 in the same period last year. Revenue could be $2.38 billion, analysts say, with sales growth at 2.0%.

On Wednesday, August 4, three insurance companies, Hartford Financial Services (HIG), Prudential (PRU), and Sun Life Financial (SLF) are scheduled to report earnings after market close.

Hartford should report earnings per share of $0.73 on 0.20% negative sales growth of$2.46 billion compared to a year ago. In June 2009, EPS was estimated at $1.16 but actually came in at $1.90, for an earnings surprise of 63.8%, or a difference of $0.74. For June 2010, Hartford growth estimates for the current quarter are down 61.6% compared to a drop of 25.2% for the industry.

Prudential growth estimates also are down for the current quarter, at 30.3% lower. However, the company is expected to report revenue of $7.26 billion, a 14.6% rise in sales growth over sales of $6.34 billion a year ago. The current estimate for June 2010 quarterly earnings is EPS of $1.31 compared to actual EPS of $1.88 in June 2009. Estimated EPS a year ago was $1.20, a 56.7% surprise to the upside, or a difference of $0.68.

Toronto-based Sun Life should earn $0.25 versus $0.90 last year. The growth estimate is 72.2% lower.

On Thursday, August 5, CIGNA Corp. (CI) is expected to report at 6:30 a.m. EST and Calamos Asset Management (CLMS) is expected to report after market close. CIGNA's earnings per share are expected to be $1.01 compared to $1.14 a year ago on $5.26 billion in revenue, with sales growth estimated at 17.1%. Calamos' earnings per share are expected to be $0.15 compared to $0.09 a year ago on $77.8 million in revenue, with sales growth estimated at 16%.

Read a story about companies that reported Q2 earnings in July from the archives of InvestmentAdvisor.com.
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