EMC Insurance Group Inc. (EMCI) Misses Q2 EPS by 33c, Cuts FY EPS Guidance

EMC Insurance Group Inc. (NASDAQ: EMCI) reported Q2 EPS of ($0.02), $0.33 worse than the analyst estimate of $0.31.

EMC Insurance Group Inc. sees FY2014 EPS of $2.00-$2.25, versus prior guidance of $2.65-$2.9 and the consensus of $2.7.

"Based on actual results for the first six months of 2014 and projections for the remainder of the year, management has revised its 2014 operating income guidance from the previous range of $2.65 to $2.90 per share to a revised range of $2.00 to $2.25 per share. The revised guidance is based on a projected GAAP combined ratio of 101.0 percent, and a mid-single digit increase in investment income. The projected GAAP combined ratio has a load of 11.2 percentage points for catastrophe and storm losses, which reflects an increase of 1.2 percentage points from the previous load of 10.0 percentage points."

For earnings history and earnings-related data on EMC Insurance Group Inc. (EMCI) click here.

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