Investors Financial Services
, an asset-administration services provider, said its first-quarter earnings fell 8.6% due to increased operating expenses.
The company earned $37.4 million, or 56 cents a share, in the quarter, compared with $40.9 million, or 60 cents a share, a year ago. Analysts surveyed by Thomson First Call were expecting earnings of 56 cents a share in the most recent quarter.
First-quarter revenue rose 15% from a year ago to $192.8 million. Analysts were calling for a top line of $179.8 million.
Investors forecast a profit of $2.32 to $2.37 a share this year, on a revenue increase of 11% to 14%. Analysts were predicting earnings of $2.34 a share on revenue of $751.3 million.
By segment, first-quarter revenue from core services rose 22% from a year ago to $107.8 million, and revenue from value-added services jumped 52% to $40.5 million. Net interest income fell 9% to $43.3 million.
The company reported its results after the market closed Wednesday. Shares of Investors were down $1.85, or 3.8%, to $47.48 on Thursday.
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