Mercury General Q3 Operating Profit Declines; Raises Dividend

(RTTNews) - Mercury General Corp. (MCY) reported third-quarter operating income per share of $0.78 compared to $1.11, prior year. Net income per share was $1.25 compared to $1.06. The company's third-quarter net income results included net realized investment gains of $0.47 per share. In the prior year quarter, the company recorded net realized investment losses of $0.05 per share.

On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $1.04, for the quarter. Analysts' estimates typically exclude special items.

Third-quarter total revenues increased to $987.30 million from $894.81 million, prior year. Analysts expected revenue of $955.33 million, for the quarter. Net premiums earned increased to $915.01 million from $858.14 million.

The Board of Directors declared a quarterly dividend of $0.6300 per share. The dividend will be paid on December 26, 2019 to shareholders of record on December 12, 2019.