Platinum Underwriters Beats Estimates (PTP)

Platinum Underwriters Holdings PTP released financial results late Tuesday that far exceeded Wall Street's earnings estimates. Platinum Underwriters Holdings (PTP) reported that its 2nd quarter net income rose 26.5% to $124.1 million, or $2.68 per share, up from $98.1 million, or $1.90 per share, a year earlier. According to a poll of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of $1.45 per share. Chief executive officer Michael D. Price said, "Our record diluted earnings per common share in the second quarter of 2010 reflect Platinum's disciplined approach to underwriting, strong investment results and active capital management." Analysts covering PTP have a consensus price target of $43.40 per share. Read more from Benzinga's Company news.