Wesco Financial Corp. (WSC) announced Friday that its second quarter profit declined from last year, hurt by decreased underwriting and investment income and increased operating expenses.
Net income for the second quarter was $21.6 million or $3.03 per share, down from $27.8 million or $3.90 per share in the prior year quarter.
The company said decrease in consolidated earnings was due to a decline in underwriting and investment income earned by the insurance businesses. Increased operating expenses at the furniture rental business, mainly due to the expansion of rental relocation services and the initiation of operations in the United Kingdom, also contributed to the decline in earnings.
Underwriting income from the insurance businesses plunged to $364 thousand from $4.3 million, while investment income fell to $14.6 million from $16.3 million in the previous year quarter.
For the first six months of 2008, net income declined to $42.3 million or $5.94 per share from $50.3 million or $7.07 per share in the previous year period.
WSC closed Friday's regular trading session at $369.00, up $2.00.
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