VESTA POSTS THIRD-QUARTER $54M LOSSES:

Vesta Insurance Group, Inc. (NYSE:VTA) announced its third-quarter earnings indicate operating losses for the third quarter of $53.8 million. The release of information about its earnings were delayed after what the company said was “an adverse jury decision.” A Vesta spokesman said the losses were largely the result of the impact of damage costs due to the Florida hurricanes. A year ago the company reported a third quarter operating profit of $6.4 million. The company’s net loss for the quarter totaled $42.8 million, compared with last year’s net profit of $6.4 million. The hurricanes also pushed Vesta’s earnings for the first nine months of the year into the red. The company confirmed a net operating loss for the nine-month period of $30.9 million, well down on last year’s net operating profit at this stage of $3.2 million.

Topics Profit Loss