TORONTO (AP) _ Manulife Financial Corp. (MFC) on Wednesday reported fourth-quarter net income of $448.7 million, after reporting a loss in the same period a year earlier.
The Toronto-based company said it had net income of 21 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, were 49 cents per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 50 cents per share.
The financial services company posted revenue of $6.44 billion in the period.
For the year, the company reported profit of $3.7 billion, or $1.80 per share. Revenue was reported as $30.07 billion.
Manulife shares have climbed 11 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $15.80, a fall of 19 percent in the last 12 months.