Axis Capital Earnings: Here’s Why the Stock is Up Now
Axis Capital Holdings Ltd. (NYSE:AXS) delivered a profit and beat Wall Street’s expectations, BUT came up short on beating the revenue expectation. The revenue miss is a negative sign to shareholders seeking high growth out of the company. Shares are up 0.59%.
Axis Capital Holdings Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 79.44% to $1.92 in the quarter versus EPS of $1.07 in the year-earlier quarter.
Revenue: Rose 5.17% to $1.03 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Axis Capital Holdings Ltd. reported adjusted EPS income of $1.92 per share. By that measure, the company beat the mean analyst estimate of $1.19. It missed the average revenue estimate of $1.42 billion.
Quoting Management: Albert Benchimol, President and CEO of AXIS Capital, said “AXIS had a very good first quarter, with solid contributions from both our insurance and reinsurance segments. Overall, gross premiums written were up 15%. Both segments contributed strong and diversified premium growth as well as solid underwriting profits. Our operating ROE for the quarter was 17.1% and we ended the quarter with record diluted book value per share of $44.67, an increase of 4% from year-end 2012 and 13% over the last twelve months.”
Key Stats (on next page)…