Rochester,NY 8/22/2009 1:29:35 AM
First Mercury Financial Corporation FMR, First Mercury Financial Reduces FY09 Operating EPS
First Mercury Financial Corporation
First Mercury Financial Corp.'s second-quarter net income of $11.6 million compared to $28.7 million last year. Earnings for every share decreased to $0.64 from $1.51 a year ago. On average, 6 analysts polled by Thomson Reuters expected the company to report profit of $0.42 per share for the quarter.
The company recorded $2.4 million or $0.09 per share, net of taxes, of storm losses for the three months ended June 30, 2009, including $2.2 million classified as catastrophes. The company also recorded $5.2 million or $0.19 per share, net of taxes, of higher than expected 2009 commercial property fire and other losses and loss adjustment expenses during the three months ended June 30, 2009.
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