StanCorp Financial reports flat fourth-quarter income as revenue declined
Jan 29, 2013 (Menafn - The Oregonian - McClatchy-Tribune Information Services via COMTEX) --StanCorp Financial Group Inc. said Tuesday its net fourth-quarter income was virtually unchanged as revenue slipped 1.3 percent on lower premiums.
The Portland-based owner of Standard Insurance Co. said net income was 38.4 million, or 87 cents a diluted share, on revenues of 718 million during the quarter ended Dec. 31. That compares to net income of 38.6 million, or 87 cents a diluted share, on revenues of 727.7 million.
The results beat Wall Street consensus earnings estimates of 83 cents a share, according to Thomson Financial Network.
For the year, the company said net earnings were 138.5 million, or 3.12 a diluted share, on sales of 2.90 billion. That compares to 136.7 million, or 3.04 a diluted share, on sales of 2.87 billion in 2011.
Fourth-quarter revenues declined across its business lines. The company last week announced it would eliminate 100 positions companywide to control costs.
For 2013, the company expects income to be 3.40 to 3.80 a diluted share.
Cash and equivalents were 160.7 million, compared with 138.4 million at the end of 2011. Long-term debt was 551 million, compared to 301 million at the end of 2011. Available capital was 360 million, up 30 million over the fourth quarter.
The insurer announced earnings after the close of trading on the New York Stock Exchange, where its shares finished up 19 cents to 39.88 a share.
-- Brent Hunsberger
___ (c)2013 The Oregonian (Portland, Ore.) Visit The Oregonian (Portland, Ore.)
at www.oregonian.com Distributed by MCT Information Services
Copyright (C) 2013, The Oregonian, Portland, Ore.