Arch Capital: Q3 Earnings Snapshot
PEMBROKE, Bermuda (AP) — PEMBROKE, Bermuda (AP) — Arch Capital Group Ltd. (ACGL) on Monday reported third-quarter earnings of $723 million.
On a per-share basis, the Pembroke, Bermuda-based company said it had net income of $1.88. Earnings, adjusted for non-recurring costs, were $2.31 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.54 per share.
The property and casualty insurer posted revenue of $3.33 billion in the period. Its adjusted revenue was $3.51 billion, which also topped Street forecasts. Three analysts surveyed by Zacks expected $3.46 billion.
Arch Capital shares have increased 32% since the beginning of the year. In the final minutes of trading on Monday, shares hit $82.88, an increase of 46% in the last 12 months.
_____
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ACGL at https://www.zacks.com/ap/ACGL
