The annuity leader posted third-quarter earnings results that crushed estimates.
What happened
Jackson Financial (JXN 15.85%) is having quite the day as its share price surged 22.1% higher on Thursday during morning trading. By 11:30 a.m. ET, the stock was up 18% to $36.69.
The markets were all flying higher, led by the Nasdaq, which was up about 6%, the Dow Jones industrial Average, up more 930 points, or 2.9%, and the S&P 500, which was up 4.4% at 11:30 a.m. ET.
So what
The market was surging on Thursday due to a good inflation report that saw the Consumer Price Index at 7.7% compared to a year ago, which is better than the 8% that the market had anticipated. Moreover, Jackson Financial had its own good news.
The annuities provider, which spun off from Prudential Financial last year, blew away earnings and revenue estimates in the third quarter. The company generated $4 billion in revenue, up from $1.6 billion a year ago, and beat the consensus estimate by 180%. Adjusted earnings per share, the preferred measure for the company, was $4.54 per share, down from $5.16 per share a year ago, but well ahead of $2.75-per-share estimates.
