National Financial Partners slides 23% on less-than-stellar Q3
National Financial Partners Corp. (NYSE:NFP) lost 23% of its value this morning after reporting that it is having a disappointing third quarter so far.
The New York-based financial services distributor said before the bell this morning that in the first two months of the third quarter of 2008, total revenue declined by approximately 7% and same-store revenue declined by approximately 10% compared with the prior year period.
Meanwhile, operating expenses increased by approximately 11% in the first two months of the third quarter of 2008 compared with the prior year period.
The company warned that the ongoing economic and credit market turmoil, consumer uncertainty impacting transactions in process with AIG, and the recent decision to lengthen mortality tables by a leading life expectancy underwriter could impact September 2008 and future results.
By late morning, National Financial Partners is at $17.80, down $5.31 from Tuesday’s close. Shares have traded as low as $15.05 and as high as $56.75 in the past year.
For detailed price information and news stories on National Financial Partners, click NFP.
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Contributing author Mary Ann Azevedo has more than 13 years of writing and editing experience that includes coverage of a broad range of companies.
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