Torchmark Corp. (TMK) announced that its third-quarter net income was $100.8 million, up from $63.2 million in the year ago quarter. Net income for the quarter was $1.22 per share, compared to $0.72 per share for the year-ago quarter.
Net operating income for the quarter was $122.3 million, down from $132.3 million in the same quarter last year. Net operating income for the quarter was $1.48 per share, a 2% per share decrease compared with $1.51 per share for the year-ago quarter. Analysts polled by Thomson Reuters expected the company to report earnings of $1.49 per share for the quarter. Analysts' estimates typically exclude special items.
Insurance underwriting income for the quarter was $117.3 million, compared to $119.5 million in the prior year quarter. Total Insurance Premium Revenue for the quarter was $664.5 million, down from $682.0 million in the prior year ago quarter.
For fiscal 2009, the company now expects net operating income per share to be in the range of $5.90 - $5.95, compared to prior range of $5.93 - $6.08 per share. Analysts expect the company to report earnings of $6.01 per share for fiscal 2009.
For fiscal 2010, the company expects net operating income per share to be between $6.05 and $6.25, assuming no share repurchases. Analysts expect the company to report earnings of $6.21 per share for fiscal 2010.
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