Infinity Property And Casualty Q1 Profit Beats View, CEO To Retire - Quick Facts

(RTTNews) - Infinity Property and Casualty Corp. (IPCC) reported an increase in profit for the first quarter from last year on higher revenues. Earnings for the quarter beat analysts' estimates.

The company also said that its Chairman, President and CEO James Gober plans to retire during the first quarter of 2018. He will be succeeded as CEO by Glen Godwin, Senior Vice President, Business Development and Marketing.

The company's net earnings for the first quarter rose to $10.6 million or $0.96 per share from $7.7 million or $0.69 per share in the year-ago period.

Operating earnings per share was $0.93, compared to $0.68 per share in the prior-year quarter. On average, four analysts polled by Thomson Reuters expected earnings of $0.87 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter rose 2.1 percent to $377.8 million from $370.2 million in the year-ago quarter. Analysts had a consensus revenue estimate of $386.55 million.

The company also said that James Gober plans to retire during the first quarter of 2018. He has served as Infinity's President and CEO since the company's initial public offering in 2003.

The company's board of directors has named Glen Godwin, Senior Vice President, Business Development and Marketing, to succeed Gober as the company's CEO effective August 1, 2017.

Gober will continue to serve as the company's Chairman until his retirement. Upon assuming the position of CEO, Godwin will also be appointed to the company's board of directors.

Godwin joined Infinity in 1987. He has served in various executive capacities with the Company, most recently as Senior Vice President, Business Development and Marketing since 2009. Godwin also oversees the company's direct sales operations, customer service and technology.