* Q3 oper EPS $0.49 vs est $0.30
* Ups FY10 oper EPS view to $1.75-$2.00
Nov 8 EMC Insurance Group (EMCI.O) posted
third-quarter operating profit above market expectations,
helped in part by improved earnings from its reinsurance
segment, and raised its 2010 earnings view.
The company, which had cut its full-year 2010 operating
earnings per share outlook in July to $1.65-$1.90, raised its
view to $1.75-$2.00 a share on Monday.
Third-quarter net income was $7.5 million, or 57 cents a
share, compared with net income of $5.1 million, or 38 cents a
share, in the year-ago period.
Operating income was 49 cents a share for the quarter.
Analysts on average had expected the company to post
earnings of 30 cents a share, according to Thomson Reuters
Premiums earned increased marginally to $97.3 million,
while premiums earned from reinsurance rose 8 percent to $20.3
Shares of the Des Moines, Iowa-based company closed at
$21.73 Friday on Nasdaq. Their value has declined 4 percent
since the company posted second-quarter results below market
expectations in July.
(Reporting by Rachel Chitra in Bangalore; Editing by Aradhana