Life insurer Life Partners Holdings, Inc. (LPHI), Monday reported a 16% increase in third quarter profit on higher revenue, with earnings in-line with analysts' estimates.
Waco,Texas-based Life Partners' third quarter profit increased to $8.4 million or $0.57 per share from $7.3 million or $0.49 per share in the same quarter a year ago.
Analysts polled by Thomson Reuters expected earnings of $0.57 per share for the quarter. Analysts' estimate typically excludes one-time items.
For the third quarter, revenue was $31 million, up 10% from $28.1 million in the year-earlier quarter. Analysts' expected revenues of $31.25 million for the quarter.
Income from operations increased 19% to $12.6 million from $10.6 million in the year-ago quarter. Pre-tax income for the quarter was $36.4 million, compared to $31.0 million in the same quarter last year.
For the nine-month period, net profit was $23.5 million or $1.58 per share, compared to $20.1 million or $1.35 per share in the prior-year period. Revenue increased to $87.5 million from $77.3 million in the year-ago period.
LPHI is currently trading at $20.99, up $1.11 or 5.58%, on a volume of 0.20 million shares on the Nasdaq.
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