Conseco Posts Loss on Loan Defaults
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Conseco Inc. posted its eighth loss in the last 10 quarters on loan defaults at its finance unit and $136.8 million of one-time expenses, including restructuring costs and investment write-downs and losses.
The insurance and finance firm’s loss was $96.9 million, or 28 cents a share, contrasted with net income of $80.2 million, or 23 cents, a year earlier.
Excluding one-time items and investment losses, profit for the Carmel, Ind., firm was 12 cents a share, 2 cents below estimates.
Conseco shares gained 14 cents to $3.87 on the New York Stock Exchange.
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