AIG (AIG): Wall St.’s Miracle Child, Posts A Profit
August 7, 2009 by Douglas A. McIntyre
AIG (AIG) was never supposed to post a profit again. It was too badly down on its luck, even after taking in $180 billion in taxpayer money. It frustrated CEO Ed Liddy is leaving after been thumped regularly by the public and members of Congress. He departs with a legacy of a turnaround of sorts.
AIG reported its first quarterly profit since the third quarter of 2007. AIG reported net income attributable to AIG of $1.8 billion, including net income attributable to AIG common shareholders of $311 million or $2.30 per share, compared with a net loss of $5.4 billion or $41.13 per diluted share in the second quarter of 2008.
At June 30, 2009, total equity was $62.1 billion, an $8.9 billion increase from $53.2 billion at March 31, 2009.
The results caused AIG’s stock to surge before the open, trading at $25.25. But, the company only has a market cap of $3 billion which is a long way from $180 billion.
Douglas A. McIntyre
Sponsored: Want to Retire Early? Here’s a Great First Step
Want retirement to come a few years earlier than you’d planned? Or are you ready to retire now, but want an extra set of eyes on your finances?
Now you can speak with up to 3 financial experts in your area for FREE. By simply clicking here you can begin to match with financial professionals who can help you build your plan to retire early. And the best part? The first conversation with them is free.
Click here to match with up to 3 financial pros who would be excited to help you make financial decisions.