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Travelers Falls Short of Profit Expectations
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Insurer Travelers reported second-quarter earnings that missed Wall Street expectations, with adverse weather affecting profit.
Dow component Travelers [TRV
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] said its net income fell to $670 million, or $1.35 a share, in the three months ended June 30. That's down from $740 million, or $1.27 per share, a year ago.
On an operating basis, which excludes investment losses, profit was $1.39 a share, compared with $1.25 a share in the year-ago period.
Revenue rose 1.6 percent from the same quarter a year ago to $5.69 billion.
On average, analysts surveyed by Thomson/Reuters predicted a profit of $1.49 a share, with revenue of $5.57 billion.
The company said severalseveral severe wind and hail storms and flooding during the second quarter led to the increase in claims.
Travelers also cut the upper end of its earnings forecast for the year by 10 cents, citing weakness in the economy for the revision.
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