CORRECTION: Axis Capital Holdings Limited Earnings: Back in the Black

Axis Capital Holdings Limited (NASDAQ:AXS) reported its results for the first quarter. Axis Capital Holdings, through its subsidiaries, provides a range of insurance and reinsurance products to insureds and reinsureds worldwide operations with main locations in Bermuda, the United States, and Europe.

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Axis Capital Holdings Earnings Cheat Sheet for the First Quarter

Results: Reported a profit of $135.8 million (96 cents per diluted share) in the quarter. Axis Capital Holdings Limited had a net loss of $374.5 million or a loss $3.39 per share in the year-earlier quarter.

Revenue: Rose 5.1% to $977.5 million from the year-earlier quarter.

Actual vs. Wall St. Expectations: Axis Capital Holdings Limited fell short of the mean analyst estimate of $1.09 per share. It fell short of the average revenue estimate of $1.4 billion.

Quoting Management: “AXIS ended the first quarter of 2012 with record diluted book value per common share of $39.53. We produced operating income per diluted share of $1.07 and an annualized operating ROACE of nearly 11%. These results were driven by good underwriting results, illustrated by a combined ratio of 94.8%, coupled with strong performance from the global capital markets.”

Key Stats:

The company fell short of estimates last quarter after beating the mark the quarter before with net income of 53 cents versus a mean estimate of net income of 48 cents per share.

The comapny’s revenue has not increased in each of the last two quarters. In the fourth quarter of the last fiscal year, revenue increased 0.3% to $945.7 million from the year-earlier quarter.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the second quarter has moved down from $1.09 a share to $1.08 over the last ninety days. The average estimate for the fiscal year is $3.88 per share, down from $3.97 ninety days ago.

(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)

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