W.R. Berkley: 1Q Earnings Snapshot
GREENWICH, Conn. (AP) _ W.R. Berkley Corp. (WRB) on Tuesday reported a first-quarter loss of $4.4 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Greenwich, Connecticut-based company said it had a loss of 2 cents. Earnings, adjusted for non-recurring costs, came to 69 cents per share.
The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 71 cents per share.
The insurance company posted revenue of $1.81 billion in the period. Its adjusted revenue was $1.99 billion.
W.R. Berkley shares have dropped 23% since the beginning of the year. In the final minutes of trading on Tuesday, shares hit $53.37, a fall of nearly 8% in the last 12 months.