BIRMINGHAM, Ala. (AP) _ ProAssurance Corp. (PRA) on Tuesday reported second-quarter profit of $28.4 million.
The Birmingham, Alabama-based company said it had profit of 53 cents per share. Earnings, adjusted for non-recurring gains, were 48 cents per share.
The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 38 cents per share.
The medical professional liability insurer posted revenue of $256.2 million in the period. Its adjusted revenue was $248 million, which also beat Street forecasts. Three analysts surveyed by Zacks expected $220 million.
ProAssurance shares have fallen 26 percent since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $42.20, a decrease of 27 percent in the last 12 months.