Mercury Earnings Beat Expectations

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Shares in Mercury General Corp. gained nearly 4 percent Monday after the company beat Wall Street’s expectations for first quarter earnings, posting a rise in profit and revenue.


Mercury reported first-quarter net income of $61 million ($1.10 per share), 3 percent better than $59 million ($1.07) for the same period a year earlier, beating analysts’ expectations of $1.05 per share, according to a poll conducted by Thomson Financial.


Net premiums for the Los Angeles-based automotive and homeowners’ insurance company edged up 1.5 percent to $786 million, the company said.


Shares in Mercury General were up $2.09, or 4 percent, to $57.22 in afternoon trading Monday on the New York Stock Exchange.

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