UPDATE: Mercury General Reports 4.8% Drop In Q4 Profit

Mercury General Corp MCY reported a 4.8% decline in its Q4 profit. However, the company reported upbeat operating earnings and revenue. Mercury General posted its Q4 profit at $58.2 million, or $1.06 per share, compared with $61.2 million, or $1.12 per share, in the year-ago period. The company's operating earnings, excluding items such as investment results, dropped to $0.72 per share from $0.85 per share. The company's revenue rose 0.8% to $705.5 million. However, analysts were expecting earnings of $0.56 per share on revenue of $670 million. MCY shares closed at $39.74 yesterday. Read more from Benzinga's Company news.