The company posted a second-quarter net loss late Tuesday of $109 million, or 25 cents a share. That compared with a profit of $379 million, or 84 cents, a year earlier. Excluding investment losses, Genworth earned 49 cents a share, trailing the 56-cent average estimate of 16 analysts compiled by Bloomberg.

Genworth's U.S. mortgage-insurance business lost $59 million in the second quarter, after earning $66 million a year earlier, bringing losses for the past three quarters to $98 million. Standard & Poor's has said it doesn't expect mortgage insurers to make an underwriting profit until 2010.

- Bloomberg News

Hilb Rogal & Hobbs

Hilb Rogal & Hobbs Co. said profit for the second quarter declined 95 percent on an asset-impairment charge and a drop in property and casualty premium rates.

The Henrico County-based insurance and risk management company reported profit of $1.1 million, or 3 cents per share, compared with profit of $22.2 million, or 60 cents per share, in the second quarter of 2007. The company said it took an $18.4 million noncash asset-impairment charge related to the departure of key producers from its London-based reinsurance subsidiary.

Revenue rose 5 percent to $210.6 million, reflecting an increase in core commission and fees, offset by declines in property and casualty premium rates.

Hilb Rogal & Hobbs announced in June that it had agreed to be acquired by London-based Willis Group Holdings Ltd. in a half- stock, half-cash deal valued at $2.1 billion.

The company announced its earnings after the stock market closed. Shares rose 7 cents yesterday to $43.40 on the New York Stock Exchange.

- John Reid Blackwell

Dow industrial firm: The Walt Disney Co.

The Walt Disney Co. said yesterday that its third-quarter profit surged nearly 9 percent thanks to revenue growth at ESPN and strong results from its theme park near Paris, where the weak U.S. dollar was helpful.

The family entertainment company and owner of Pixar Animation Studios reported that net profit grew to $1.28 billion in the quarter that ended June 30, up from $1.18 billion a year ago.

Revenue grew 2 percent to $9.24 billion.

After subtracting one-time gains from the reacquisition of its Disney Stores in May and the sale of movies.com, earnings per share from continuing operations were 62 cents, up from 58 cents a year ago.

The results narrowly beat analysts' expectations.

Shares, which rose 2.4 percent, or 75 cents, to $31.67 before the earnings were released, gave back 73 cents, or 2.3 percent, to slip to $30.94 in after-hours trading.

- The Associated Press

Company of interest: Reynolds American

Reynolds American Inc., the nation's second-biggest tobacco maker, said yesterday that its second-quarter profit rose nearly 13 percent as price increases more than made up for a decline in domestic cigarette demand.

It also confirmed that its yearly profit will be steady over last year, and shares rose 6.7 percent as the results beat Wall Street estimates. Investors sent Reynolds shares up $3.45 to $55.06.

The maker of Camel, Kool and Pall Mall cigarettes said it earned $364 million, or $1.24 a share, in the quarter that ended in June, compared with $325 million, or $1.10 per share, a year ago. Revenue edged down to $2.34 billion from $2.35 billion.

Reynolds said cigarette sales volume declined 7.9 percent in the latest quarter. Roughly 40 percent of that drop stemmed from the discontinuation of certain brands, such as Viceroy and Best Value, the company said. Together, all of Reynolds' brands had 28.1 percent of the U.S. market in the second quarter. That is down 1.1 percent from the same period last year.

- The Associated Press

ILLUSTRATION: CHART

MEMO: EARNINGS

Originally published by Staff and wire reports.

(c) 2008 Richmond Times - Dispatch. Provided by ProQuest Information and Learning. All rights Reserved.

Story Source: Richmond Times - Dispatch