Pro-Assurance Corp (PRA) said after close Wednesday that it lost $0.07 per share in quarter three 2023. The company reported earnings on an adjusted basis, so it may not be directly comparable to analyst estimates or prior periods.
On the revenue line, the company reported $242.4 million, missing estimates by $68.3 million.
In the same quarter a year ago, the company lost $0.06 per share on revenue of $258.4 million.
The stock is down 22.52% to $13.69 after the report.
Despite Pro-Assurance Corp reporting a decline in revenues, earnings increased signaling a rise in profit margins.
Wall Street Analysts had an average rating of Buy on the stock prior to the report.
InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.
Prior to the report, InvestorsObserver gave the stock an overall score of 45. Meanwhile, the average Wall Street analyst rated the stock a Buy.
ProAssurance Corp is a holding company for property and casualty insurance companies. The company's wholly owned insurance subsidiaries provide professional liability insurance for healthcare professionals and facilities, professional liability insurance for attorneys, and workers' compensation insurance. ProAssurance reports operating results in five segments: Specialty Property and Casualty, Workers' Compensation, Segregated Portfolio Cell Reinsurance, Lloyd's Syndicate, and Corporate. ProAssurance generates the vast majority of its revenue from its Specialty P&C activities, followed by Worker's Compensation.
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Pro-Assurance Corp Down 22.52% To $13.69 After Earnings Miss
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