EMC Insurance Sees Q1 Weighed by Non-Catastrophe Loss

EMC Insurance Group (EMCI) said on Monday it expects to report loss of $0.02 per share to a profit of $0.02 in Q1 and non-GAAP operating income in the range of $0.18 to $0.22 per share, weighed by a higher than anticipated level of non-catastrophe losses in the property and casualty insurance segment.

For 2018, the insurance group now expects non-GAAP operating income of $1.10 to $1.30 per share, compared with $1.40 to $1.60 per share previously. Analysts have expected operating income of $0.56 for the quarter and $1.53 for the year.

“Persistent frigid temperatures across many parts of the country increased commercial property losses, primarily from fires and frozen pipes,” said CEO Bruce Kelley.

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