Erie Indemnity Co (ERIE) recently posted its first quarter profits which not only surpassed those of the previous year, but also exceeded the estimates projected by Wall Street analysts. The company recorded a bottom line figure of $124.55 million or $2.38 per share, showing a significant increase from the previous year's first quarter which stood at $86.24 million or $1.65 per share.
Analysts had earlier predicted an average earning of $2.29 per share for the company - a figure derived from information gathered by Thomson Reuters. These estimates typically exclude any special items.
Erie Indemnity Co saw an encouraging leap in its revenue margins for this quarter. Generating a substantial 17.0% increase, the company's revenue rose from $752.47 million to $880.70 million.
When broken down into key figures, the company's earnings presents the following picture - Earnings for Q1 were $124.55 million, up from $86.24 million in the previous year. The EPS for Q1 stood at $2.38, another rise from last year's Q1 figure of $1.65. The company's revenue for Q1 was $880.70 million, reflecting a notable upswing from $752.47 million last year.
