AIG Releases Adjusted EPS of $1.65

At today's market close, AIG AIG reported first-quarter operating earnings of $1.65 per share compared to a consensus estimate of $1.13. This consensus estimate had increased significantly from approximately $0.83 just 60 days ago.

This quarter's actual results represent a positive surprise of over 40%. The insurance provider had EPS of $1.30 in the first quarter of the previous year, which represented a $0.15 negative surprise. As of 4:25pm the firm's share price declined by $0.78 or 2.28% in after-hours trading, paring initial after-hours gains. This decline ocurred after the stock closed at a price of $34.14.

This morning, shares reached a 52 week high of $35.05. The firm has repeatedly set new 52-week highs over the past few months. Bob Benmosche, CEO, explained in a CNBC interview that the better AIG performs the sooner the US Treasury can exit its position. He also says that he anticipates that the firm will perform well and continue its sale of non-core assets.

Disclosure: At the time of this writing, I did not own shares of any companies mentioned in this post.