Tower Group Inc. (TWGP) Wednesday reported third-quarter net income attributable to common shareholders of $21.6 million or $0.56 per share, compared to net loss of $16.4 million or $0.40 per share last year.
Operating income for the quarter was $23.8 million or $0.62 per share, compared to an operating loss of $15.3 million or $0.38 per share last year.
Net premiums earned for the three-month period was $388.1 million, down from $413.4 million last year.
On average, analysts polled by Thomson Reuters expected earnings of $0.61 per share on revenues of $403.15 million for the quarter. Analysts' estimates typically exclude one-time items.
Looking forward, Tower expects full year 2013 operating earnings to be in a range of $2.85 to $3.05 per share. Analysts currently estimate earnings of $0.65 per share.
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