U.S. Markets closed

Axis Capital misses 1Q profit forecasts

PEMBROKE, Bermuda (AP) _ Axis Capital Holdings Ltd. (AXS) on Wednesday reported first-quarter net income of $19.9 million.

On a per-share basis, the Pembroke, Bermuda-based company said it had net income of 6 cents. Earnings, adjusted for investment costs, were 59 cents per share.

The results missed Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 81 cents per share.

The insurance company posted revenue of $1.01 billion in the period. Its adjusted revenue was $1.03 billion.

Axis Capital shares have climbed slightly more than 4 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $68.08, a climb of 27 percent 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 AXS at https://www.zacks.com/ap/AXS

_____

Keywords: Axis Capital, Earnings Report