Conseco to Report Another Loss
Insurer and finance company Conseco Inc. said it will report a loss for the second straight quarter as it wrote off $475 million in junk bonds, mortgage securities and other assets.
The write-offs bring to $2.1 billion the amount erased from the Carmel, Ind.-based company’s earnings since 1999 from a series of one-time charges.
They also set back Chief Executive Gary Wendt’s turnaround effort. Conseco’s shares have plunged 63% from their peak in May as the slumping economy squeezes mobile-home lending and insurance sales.
Wendt has overhauled Conseco’s operations, cutting about 5,000 jobs and selling assets to reduce debt, since taking the helm last year.
Analysts are expecting Conseco to post earnings of 22 cents a share for its third quarter, excluding one-time items.
Conseco shares rose 54 cents to close at $7.34 on the New York Stock Exchange before the announcement.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
