Sterne Agee Comments On PRE 4Q10 EPS
By BenzingaStaffL
February 08, 2011 10:33 AM
February 08, 2011 10:33 AM
Operating EPS PartnerRe Ltd. (NYSE: PRE) was $1.52 ($1.63 ex FX) for the quarter, Sterne Agee reports.
“This was below our estimate of $1.70, but better than Street consensus at $1.43,” Sterne Agee writes. “The difference vs. our estimate was driven by higher P&C underwriting income (about $0.30 better) offset partly by lower life underwriting income ($0.07), lower NII ($0.01), higher other expenses ($0.15), higher average share count ($0.03), higher tax rate ($0.08) and FX impact ($0.11).
“Higher amortization expense vs. our forecast was essentially offset by increased earnings from equity investments.”
PartnerRe Ltd. currently trades at $82.35.
(c) 2012 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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