PR Newswire
ERIE, Pa., Oct. 27, 2016
ERIE, Pa., Oct. 27, 2016 /PRNewswire/ -- Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending September 30, 2016. Net income was $57.4 million, or $1.09 per diluted share, in the third quarter of 2016, compared to $49.6 million, or $0.94 per diluted share, in the third quarter of 2015. Net income was $164.6 million, or $3.14 per diluted share, in the first nine months of 2016, compared to $144.5 million, or $2.75 per diluted share, in the first nine months of 2015.
"Revenue growth once again outpaced expense growth in the third quarter, resulting in an increase in earnings per share and an improved margin," said Tim NeCastro, CEO.
3Q and Nine Months 2016 | ||||||||||||||
(dollars in thousands) | 3Q'15 | 3Q'16 | | 2015 | 2016 | | ||||||||
Net revenue from operations | $ | 68,289 | | $ | 82,255 | | | $ | 190,702 | | $ | 235,679 | | |
Total investment income | 7,220 | | 4,326 | | | 29,464 | | 14,289 | | | ||||
Income before income taxes | 75,509 | | 86,581 | | | 220,166 | | 249,968 | | | ||||
Income tax expense | 25,947 | | 29,205 | | | 75,621 | | 85,388 | | | ||||
Net income | $ | 49,562 | | $ | 57,376 | | | $ | 144,545 | | $ | 164,580 | | |
Gross margin from operations | 17.2 | % | 19.7 | % | | 16.6 | % | 19.4 | % | |
3Q 2016 Highlights |
Net revenue from operations before taxes increased $14.0 million, or 20.5 percent, in the third quarter of 2016 compared to the third quarter of 2015.
Income from investments before taxes totaled $4.3 million in the third quarter of 2016 compared to $7.2 million in the third quarter of 2015. Losses from limited partnerships were $1.7 million in the third quarter of 2016 compared to earnings of $3.8 million in the third quarter of 2015, while net realized gains on investments were $0.7 million in the third quarter of 2016 compared to realized losses of $0.5 million in the third quarter of 2016.
Nine Months 2016 Highlights |
Net revenue from operations before taxes increased $45.0 million, or 23.6 percent, in the first nine months of 2016 compared to the first nine months 2015.
Income from investments before taxes totaled $14.3 million in the first nine months of 2016 compared to $29.5 million in the first nine months 2015. Losses from limited partnerships were $0.3 million in the first nine months of 2016 compared to earnings of $16.9 million in the first nine months 2015.
Webcast Information
Indemnity has scheduled a conference call and live audio broadcast on the Web for 10:00 AM ET on October 28, 2016. Investors may access the live audio broadcast by logging on to www.erieinsurance.com. Indemnity recommends visiting the website at least 15 minutes prior to the Webcast to download and install any necessary software. A Webcast audio replay will be available on the Investor Relations page of the Erie Insurance website by 12:30 PM ET.
Erie Insurance Group
According to A.M. Best Company, Erie Insurance Group, based in Erie, Pennsylvania, is the 10th largest homeowners insurer and 12th largest automobile insurer in the United States based on direct premiums written and the 15th largest property/casualty insurer in the United States based on total lines net premium written. The Group, rated A+ (Superior) by A.M. Best Company, has more than 5 million policies in force and operates in 12 states and the District of Columbia. Erie Insurance Group is a FORTUNE 500 company.
News releases and more information about Erie Insurance Group are available at www.erieinsurance.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
(ERIE-F)
Erie Indemnity Company Statements of Operations (dollars in thousands, except per share data) | |||||||||||||||
| | | | ||||||||||||
| | Three months ended September 30, | Nine months ended September 30, | ||||||||||||
| | 2016 | | 2015 | 2016 | | 2015 | ||||||||
| | (Unaudited) | (Unaudited) | ||||||||||||
Operating revenue | | | | | | | | ||||||||
Management fee revenue, net | | $ | 411,139 | | | $ | 389,168 | | $ | 1,195,262 | | | $ | 1,126,626 | |
Service agreement revenue | | 7,267 | | | 7,469 | | 21,756 | | | 22,502 | | ||||
Total operating revenue Werbung Mehr Nachrichten zur Erie Indemnity Company Aktie kostenlos abonnieren
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