UPDATE 3-CI Financial profit tops analyst forecasts

Tue Nov 10, 2009 9:52pm GMT
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* Q3 adjusted EPS C$0.25 vs Q2 EPS C$0.21

* Beats analyst estimate for EPS of C$0.22

* Boosts dividend to C$0.06

* Shares end down 1.1 percent at C$19.03 (Adds CEO comments; closing share price)

TORONTO, Nov 10 (Reuters) - CI Financial Corp (CIX.TO: Quote, Profile, Research) said on Tuesday it boosted its dividend as adjusted earnings per share rose 19 percent in the third quarter from the second quarter, beating Street estimates.

The Toronto-based fund manager said adjusted earnings from continuing operations were 25 Canadian cents a share in the third quarter, ended Sept. 30, up from 21 Canadian cents a share in the second quarter.

The results topped analysts' average estimates for adjusted earnings of 22 Canadian cents a share, according to Thomson Reuters I/B/E/S.

CI also said it boosted its monthly cash dividend by 20 percent to 6 Canadian cents a share from 5 Canadian cents a share. The new level represents a yield of 3.7 percent on CI's Monday closing share price of C$19.25.

"The world today is significantly better than just six short months ago," Chief Executive Bill Holland said in a conference call with analysts, adding CI's asset levels are now less than 10 percent below all-time highs.  Continued...

 
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