UPDATE 1-National Financial Q3 cash profit tops Street
* Q3 cash EPS $0.61 vs est. $0.46 * Lower costs aid Q3 profit
Nov 3 (Reuters) - Life insurance distributor National Financial Partners Corp (NFP.N) posted a quarterly cash profit that topped Wall Street targets as it managed to keep a lid on costs.
The company, which has been battling weak sales over the last few quarters, earned $10.5 million, or 24 cents a share, compared with $3.5 million, or 8 cents a share, a year back.
Cash profit, which excludes certain unusual items, was 61 cents a share. Analysts were looking for a profit of 46 cents a share, excluding items, according to Thomson Reuters I/B/E/S.
Cost of services for the period stood at $186 million, compared with $228.7 million in the same quarter last year. The company, which distributes financial services products to wealthy consumers, is headed by Jessica Bibliowicz, the daughter of former Citigroup Inc (C.N) head Sandy Weill.
Shares of the New York-based company were up slightly at $8.08 in extended trade. They have risen nearly 10-fold since hitting a 52-weeek low of 81 cents last November. (Reporting by Anurag Kotoky in Bangalore; Editing by Anil D'Silva)
