UPDATE: Mercury General Q1 Profit Rises 26%

Mercury General Corp MCY reported a 26% rise in its first-quarter earnings. Mercury General's quarterly profit surged to $73.4 million, or $1.34 per share, from $58.2 million, or $1.06 per share, in the year-ago period. Its operating income dropped to $0.71 per share from $0.72 per share. Mercury General's revenue rose 2.4% to $722.8 million. Analysts were expecting earnings of $0.68 per share on revenue of $679 million. Mercury General shares closed at $45.55 on Friday.