CINCINNATI (AP) — CINCINNATI (AP) — American Financial Group Inc. (AFG) on Wednesday reported first-quarter profit of $191 million.
The Cincinnati-based company said it had profit of $2.29 per share. Earnings, adjusted for non-recurring costs, came to $2.47 per share.
The results fell short of Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $2.55 per share.
The property and casualty insurer posted revenue of $1.85 billion in the period. Its adjusted revenue was $1.83 billion, which also missed Street forecasts. Three analysts surveyed by Zacks expected $1.99 billion.
American Financial shares have dropped slightly more than 5% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $129.42, a climb of 1% in the last 12 months.
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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on AFG at https://www.zacks.com/ap/AFG
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