Arch Capital Group Ltd. Earnings: Earnings Higher Than Expected
Arch Capital Group Ltd. (NASDAQ:ACGL) reported net income above Wall Street’s expectations for the third quarter. Arch Capital Group provides insurance and reinsurance on a worldwide basis through its wholly owned subsidiaries.
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Arch Capital Group Ltd. Earnings Cheat Sheet
Results: Net income for Arch Capital Group Ltd. rose to $184.2 million ($1.33 per share) vs. $162.3 million ($1.18 per share) in the same quarter a year earlier. This marks a rise of 13.5% from the year-earlier quarter.
Revenue: Rose 18.3% to $904.8 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Arch Capital Group Ltd. beat the mean analyst estimate of 80 cents per share. It beat the average revenue estimate of $757.7 million.
The company has now topped analyst estimates for the last four quarters. It beat the mark by 20 cents in the second quarter, by 11 cents in the first quarter, and by 27 cents in the fourth quarter of the last fiscal year.
Revenue has now gone up for three straight quarters. In the second quarter, revenue rose 8.6% to $842.5 million while the figure rose 5.2% in the first quarter from the year earlier.
Looking Forward: The average estimate for the fourth quarter remains unchanged at 76 cents a share. For the fiscal year, the average estimate has moved up from $3.17 a share to $3.42 over the last sixty days.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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