Insperity shares tumble after quarterly report

Insperity

01/08/2023 17:06

** Shares in Insperity  NSP.N  down 13.1% at $102.22, on
track for their biggest one-day pct. drop since February 2022,
after quarterly earnings fell short of Wall Street expectations
    ** The human resources company says it incurred
"substantially higher-than-expected benefits costs"
    ** NSP's adj. EPS of $0.64 compares with average
expectations for $1.25, according to data from Refinitiv, which
shows 4 analysts covering the stock
    ** Company's revenue of $1.59 bln is ahead of consensus view
of $1.56 bln
    ** Of the 4 analysts covering the stock, 1 rates it "strong
buy", 1 rates it "buy" and 2 rate it "hold"; median PT is $128 -
Refinitiv
    ** NSP changed its 2023 financial targets citing "unexpected
elevated level of healthcare costs in the second quarter" and
possibility "costs could persist at these levels"
    ** YTD, NSP on track for ~10% decline after ~4% drop in 2022

 (Reporting By Sinéad Carew)
 ((sinead.carew@thomsonreuters.com; +13322191897;))