Genworth Financial Inc (NYSE:GNW) stock was up on Wednesday after the company released its earnings report for the second quarter of 2016.
Genworth reported earnings per share of 25 cents for the second quarter of 2016. This is a one penny increase over the earnings per share it reported during the same time last year. It also came in 4 cents above what Wall Street was expecting from GNW this quarter.
Genworth’s revenue for the second quarter of 2016 came in at $2.24 billion. Revenue reported by the company in the second quarter of 2015 was $2.15 billion. Analysts were expecting GNW to report revenue of $2.08 billion for the second quarter of the year.
Net operating income reported by the company during its second quarter of 2016 was $123 million. This is an increase over the net operating income of $119 million that it reported during the second quarter of 2015.
GNW announced in its earnings report for the second quarter of 2016 that it has reduced cash expenses by $150 million pre-tax per year. This met the company’s goal for reducing expenses.
“Our results in the second quarter were solid, and we were especially pleased with the strong performance in U.S. MI,” Tom McInerney, President and CEO of Genworth, said in a statement. “We also achieved our cash expense reduction target and remain on track to complete the repatriation of our Bermuda subsidiary in the fourth quarter.”
Genworth also successfully completed the sale of of its European MI business to AmTrust Financial Services Inc (NASDAQ:AFSI). This brought net proceeds of $50 million to its U.S. MI business.
GNW stock was up 28% as of Noon Wednesday.
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