NEW YORK (AP) — Shares of Ameriprise Financial Inc. advanced Thursday after the financial planning company reported revenue growth and a strong cash position in the third quarter.
THE SPARK: The company said net income fell to $271 million, or $1.04 per share, from $346 million, or $1.35 per share a year ago. The decline reflected a charge of $106 million, or 42 cents per share, related to deferred acquisition costs and the company's annual review of insurance and annuity valuations.
Not including one-time items, the company earned $1.12 per share, which was short of Wall Street expectations. Analysts on average expected profit of $1.19 per share, according to FactSet.
Continue Reading for Free
Register and gain access to:
- Breaking benefits news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.