StanCorp Financial Group
, an employee benefits products and services provider, said its third-quarter earnings fell 2.1% from the year-ago period, hit by higher expenses. The company earned $54.7 million, or $1.01 a share, in the quarter, compared with $55.9 million, or $1.01 a share, a year ago. Adjusted for after-tax net capital losses of $1.4 million, earnings were 98 cents a share in the most recent quarter. On that basis, analysts surveyed by Thomson First Call were expecting earnings of $53.35 million, or 95 cents a share.
Third-quarter revenue rose 6.5% from a year ago period to $627.1 million as against analysts' expectation of $632.09 million.
The company expects to earn at the low end of its guidance of $3.45 a share to $3.65 a share for the full year, excluding after-tax net capital gains and losses. Analysts are looking for earnings of $3.45 a share. The company also expects premium growth to be at the low end of 6% to 8% for the full year.
"I am pleased to see strong earnings contributions from our Insurance Services group and Asset Management group," the company said. "In addition, we are certainly pleased to add almost $11 billion to assets under administration as a result of the Invesmart acquisition."
The company's shares were trading down 83 cents at $44.67 Thursday.
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