Thursday, the Chicago-based insurance holding company Old Republic International Corp. (ORI) reported that its second-quarter net loss narrowed significantly from the prior year quarter. The company said its net loss for the latest quarter was reduced by deferred income tax credits that could not be recognized previously due to the requirements of accounting rules.
The company recorded a significantly narrowed loss of $15.8 million or $0.07 per share, compared with $364.7 million or $1.58 per share in 2008. On average, 4 analysts polled by Thomson Reuters expected loss per share of $0.26 for the quarter. Analysts' estimate typically exclude one-time items.
Second-quarter total operating revenues were down 2.7% to $912.2 million from $937.4 million in the previous year.
Second-quarter operating results were enhanced mostly by lower production and operating expenses in Old Republic's mortgage guaranty line and much stronger revenue growth in its title insurance segment, the company noted.
Net loss for the six months ended June 30 2009 was $69.8 million or $0.30 per share, versus loss of $383.8 million or $1.66 per share in the last year. Operating revenues for six months were down 5.2% to $1.7 billion from $1.8 billion in the previous year.
ORI is currently trading at $10.11, up $0.54 or 5.64%, on a volume of 1.42 million shares on the NYSE.
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