RLI Corp. (RLI: Quote) Wednesday reported a decline in profit for the fourth quarter, reflecting higher expenses from last year.
Net income for the quarter slipped to $25.0 million or $1.16 per share from $29.9 million or $1.39 per share in the same period last year.
In addition, operating earnings for the latest fourth quarter were $19.2 million or $0.89 per share.
For the quarter, total expenses rose 15.9 percent to $142.7 million from $123.1 million in the year-ago quarter.
On average, 9 analysts polled by Thomson Reuters expected the company to earn $0.45 per share for the quarter. Analysts’ estimates typically exclude special items.
Revenues totaled $171.3 million, up 4.5 percent from $163.9 million last year. Analysts expected to see revenues of $133.63 million for the quarter.
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by RTT Staff Writer
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