AIG Posts Q4 Loss Due to Sale of Aircraft Leasing Unit
AIG has released its Q4 and 2012 results. For the quarter, the company posted a net loss of $4.0 billion ($2.68 per diluted share), a sharp drop from Q4 2011's profit of $21.5 billion ($11.31). That was largely due to the sale of International Lease Finance Corporation, an aircraft leasing subsidiary, for which the company booked a $4.4 billion loss. The quarter's results were also affected by $1.3 billion in after-tax losses, due to the destruction wrought by Hurricane Sandy.
On average, analysts were expecting a shortfall of $0.08 per share for Q4.
For the full year, the company's bottom line was a profit of $3.4 billion ($2.04 diluted EPS). This was down substantially from 2011's $20.6 billion ($11.01).
The article AIG Posts Q4 Loss Due to Sale of Aircraft Leasing Unit originally appeared on Fool.com.Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends American International Group. The Motley Fool owns shares of American International Group and has the following options: Long Jan 2014 $25 Calls on American International Group. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.