Data-processing firm DST Systems (DST) said third-quarter earnings declined from the year-ago period due to lower revenue that more than offset lower costs and expenses.
The Kansas City-based firm earned $54.7 million, or 76 cents a share, compared with $154.3 million, or $1.97 a share, a year ago. Adjusted for items, the company earned 70 cents a share compared with 69 cents a share a year ago. Analysts polled by Thomson First Call were estimating 75 cents a share.
Third-quarter operating revenue declined 9.2% to $373.7 million from a year ago mainly due to the absence of lockline related operating revenue. Excluding lockline related operating revenue, third-quarter revenue rose about 2%. Analysts were estimating revenue of $386.55 million in the most recent quarter.
During the third quarter, the company repurchased about 3.7 million shares for $219.5 million, or about $59.95 a share. On Sept. 30, about 4.8 million shares remained outstanding under the share repurchase authorization, the company added.
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