UPDATE: Mercury General Q1 Profit Down 9.4%

Mercury General MCY reported a 9.4% drop in its first-quarter earnings. Mercury General's quarterly profit fell to $66.5 million, or $1.21 per share, from $73.4 million, or $1.34 per share, in the year-ago period. Its operating profit declined to $0.69 from $0.71 per share. Its revenue rose 2.4% to $740.2 million. However, analysts were expecting earnings of $0.48 per share on revenue of $703 million. Mercury General shares closed at $42.46 on Friday.