UPDATE 1-CBIZ sees Q4 gain on Albridge stake sale
(Adds details, share movement)
Dec 11 (Reuters) - Business service provider CBIZ Inc (CBZ.N: Cotización) said it sold its stake in Albridge Solutions Inc to PNC Financial Services Group (PNC.N: Cotización) and expects a related pre-tax gain of $7.3 million in the fourth quarter.
The sale will add about 6 cents per share to CBIZ's earnings from continuing operations in the fourth quarter, the company said in a statement.
Albridge is a provider of portfolio accounting and enterprise wealth management services.
Excluding the impact of the gain, CBIZ backed its 2007 earnings outlook. It still sees earnings per share from continuing operations increasing by 20 percent to 25 percent over the 35 cents it reported in 2006.
Analysts on average were expecting earnings of 5 cents a share in the fourth quarter and 43 cents a share in 2007, both before exceptional items, according to Reuters Estimates.
Shares of the Cleveland, Ohio-based company were up more than 1 percent to $9.4379 in late electronic trade after closing at $9.30 Tuesday on the New York Stock Exchange. (Reporting by Aditi Samajpati in Bangalore; Editing by Gopakumar Warrier)
© Thomson Reuters 2017 All rights reserved.