Why Brighthouse Financial Inc (NASDAQ: BHF) stock is going gangbusters today

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Brighthouse Financial Inc (NASDAQ: BHF) stock rose over 12.8% % on 11th Feb, 2020 (as of 10:01 am GMT-5; Source: Google finance) after the company posted better than expected results for the fourth quarter of FY 19. BHF in the fourth quarter of FY 19 has reported the adjusted earnings per share of $2.46, beating the analysts’ estimates for the adjusted earnings per share of $2.34, according to Zacks Investment Research.

The company has reported a net loss available to shareholders of $1,077 million in the fourth quarter of 2019 compared with net income available to shareholders of $1,442 million in the fourth quarter of 2018 driven mainly by net derivative mark-to-market losses. The company ended the fourth quarter of 2019 with common stockholders’ equity of $15.8 billion and book value, excluding accumulated other comprehensive income (“AOCI”) of $12.5 billion.

The company had reported the adjusted revenue of $306 million in the fourth quarter of FY 19, beating the analysts’ estimates for revenue by $110 million. Annuity sales grew 10 percent quarter-over-quarter, 3 percent sequentially and 23 percent for the full year 2019. Corporate expenses in the fourth quarter of 2019 were $283 million, which is an increase from $248 million in the third quarter of 2019, both on a pre-tax basis. The company has delivered the adjusted earnings in the Life segment were $75 million in the fourth quarter of 2019, compared with adjusted earnings of $64 million in the fourth quarter of 2018 and adjusted earnings of $73 million in the third quarter of 2019. The Run-off segment has posted adjusted earnings of $6 million in the fourth quarter of FY 19, compared to adjusted earnings of $18 million in the fourth quarter of 2018 and an adjusted loss of $426 million in the third quarter of 2019.

Additionally, during the fourth quarter of 2019, the company had repurchased approximately $128 million of its common stock, with an additional approximately $23 million of its common stock repurchased in January 2020. From August 2018, the company has repurchased a total of approximately $570 million of its common stock through January 2020. The company has now authorized the repurchase of up to $500 million of Brighthouse Financial common stock. This stock repurchase authorization is in addition to the $600 million aggregate stock repurchase authorizations announced in May 2019 and August 2018.

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