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UPDATE 1-LaBranche expects third-quarter loss

Wed Oct 1, 2008 8:40pm EDT

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(Adds details on year-ago results)

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NEW YORK, Oct 1 (Reuters) - LaBranche & Co Inc (LAB.N), one of the New York Stock Exchange's largest specialists firms, said on Wednesday it expects to post a net loss for the third quarter due primarily to a decline in the value of the NYSE Euronext (NYX.N) stock it owns.

Based on current information, the company expects an after-tax net loss of $4 million to $6.5 million for the third quarter, or 7 cents to 11 cents per share.

Analysts on average are expecting a loss of 5 cents per share, according to Reuters Estimates.

LaBranche, which has been hit by the Big Board's move to automated trading, said it expects an unrealized after-tax loss of $19.2 million because of the drop in the value of the NYSE Euronext common stock. NYSE Euronext fell about 23 percent between June 30 and Sept. 30.

Excluding that loss, the company expects to report net income of $12.5 million to $15 million, or 20 cents to 24 cents per share.

The company expects to report its results for the third quarter on Oct. 17. (Reporting by Phil Wahba; Editing by Gary Hill)

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