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Frigid temps contribute to possible first-quarter loss for EMC


EMC Insurance Group Inc. announced Monday the company had a considerable uptick in non-catastrophe claims that caused it to revise its first-quarter earnings estimates. Although catastrophe and storm losses were down 65 percent from the year-ago quarter to $4.7 million, a portion of that benefit will be offset by non-catastrophe losses. “Persistent frigid temperatures across many parts of the country increased commercial property losses, primarily from fires and frozen pipes,” EMC President and CEO Bruce Kelley said in a release. Revised accounting for pension and post-retirement benefit costs will also affect earnings, the company said. The Des Moines-based insurer anticipates it will report first-quarter net income ranging from a 2-cent-per-share loss to a 2-cent-per-share gain, and has revised its 2018 non-GAAP operating income guidance from the previous range of $1.40 to $1.60 per share to a range of $1.10 to $1.30 per share. EMC will release its first-quarter earnings results before the market opens on May 4.

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