Ameriprise Financial Services Inc. on Wednesday reported first-quarter profit of $393 million.
On a per-share basis, the Minneapolis-based company said it had profit of $2.08. Earnings, adjusted for non-recurring costs, were $2.18 per share. Results were hurt by an increase of 11 cents per share in long-term care reserves.
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The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of $2.33 per share.
The financial services company posted revenue of $3.05 billion in the period, topping Street forecasts. Three analysts surveyed by Zacks expected $2.9 billion.
Ameriprise shares have dropped slightly since the beginning of the year, while the Standard & Poor's 500 index has increased slightly more than 2 percent. Shares closed Wednesday at $131.62, an increase of 23 percent in the last 12 months.
Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AMP at http://www.zacks.com/ap/AMP
Keywords: Ameriprise Financial Services, Earnings Report