Mercury General Swings To Loss, Misses Estimates (MCY)

Los Angeles, California-based Mercury General Corporation MCY released financial results on Monday morning. Mercury General Corporation announced that it swung to a 4th quarter net loss of $23.6 million, or 43 cents per share, from net income of $34.2 million, or 62 cents per share, a year earlier. The company reported an operating loss of 15 cents per share. Mercury General Corporation reported revenue of $655.64 million, down from $677.32 million a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 70 cents per share, on revenue of $674.26 million. Mercury General Corporation (MCY) finished the previous trading day at $42.94 per share. The consensus price target of analysts covering the company's stock is $42.33 per share. Mercury General Corporation and its subsidiaries are a multiple line insurance organization offering predominantly personal automobile and homeowners insurance through a network of independent producers in many states. Read more from Benzinga's Company news.