WEST DES MOINES, Iowa (AP) _ American Equity Investment Life Holding Co. (AEL) on Thursday reported third-quarter net income of $667.2 million.
On a per-share basis, the West Des Moines, Iowa-based company said it had net income of $7.17. Earnings, adjusted for non-recurring gains, came to 99 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.08 per share.
The annuity and insurance underwriter posted revenue of $798.7 million in the period. Its adjusted revenue was $543.3 million, which beat Street forecasts. Three analysts surveyed by Zacks expected $539.7 million.
American Equity shares have decreased 18% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $24.40, a fall of 4% in the last 12 months.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AEL at https://www.zacks.com/ap/AEL
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