ProAssurance: 3Q Earnings Snapshot
BIRMINGHAM, Ala. (AP) _ ProAssurance Corp. (PRA) on Tuesday reported third-quarter net income of $31.2 million.
On a per-share basis, the Birmingham, Alabama-based company said it had profit of 58 cents. Earnings, adjusted for non-recurring gains, came to 42 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 40 cents per share.
The medical professional liability insurer posted revenue of $249.3 million in the period. Its adjusted revenue was $229.3 million, also topping Street forecasts. Three analysts surveyed by Zacks expected $213.9 million.
ProAssurance shares have declined 22 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $44.55, a fall of 22 percent in the last 12 months.