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.
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