Life Partners Holdings estimates Q2 below Wall Street projections
Before the opening bell, financial services firm Life Partners Holdings, Inc. (Nasdaq: LPHI) issued guidance for the second quarter of about $0.46 per share, below Wall Street estimates of $0.57 per share. Last year, the company earned $0.02 per share in the second quarter. The stock took a beating in pre-market trading after the news was announced.
“With the recent uncertainty in the financial markets, more and more accredited and institutional investors are realizing the inherent value of life settlements as a tool for diversification while wealthy seniors are realizing they can now turn their unwanted life insurance into cash,” CEO Brian Pardo said in a statement.
The company plans to officially report its earnings with government regulators on October 15.
Shares of the small cap are down 15.42%, or $7.28, at $39.99 out of the gate.
