Mercury General Corp. (MCY) reported that its first-quarter net income was $73.4 million or $1.34 per share up from $58.2 million or $1.06 per share for the same period in 2011.
Operating income was $39.1 million or $0.71 per share for the first quarter of 2012 compared to $39.6 million or $0.72 per share for the same period in 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.68 per share for the quarter. Analysts' estimates typically exclude special items.
Net premiums written were $658.3 million in the first quarter of 2012, essentially the same as the corresponding period in 2011. Revenues for the quarter rose to $722.68 million from $705.54 million in the prior year quarter. Three analysts had consensus revenue estimate of $679.46 million for the quarter.
The company said that its board declared a quarterly dividend of $0.61 per share. The dividend is to be paid on June 28, 2012 to shareholders of record on June 14, 2012.
by RTT Staff Writer
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