Baldwin & Lyons Inc. swung to a profit in its fourth quarter.
The Indianapolis-based trucking fleet insurer on Thursday morning reported quarterly earnings of $10.9 million, or 74 cents per share, compared with a year-ago loss of $2.1 million, or 14 cents per share.
Revenue surged 61 percent, to $60.8 million, in the period, thanks to investment gains. Baldwin & Lyons had investment gains of $4.1 million in the quarter, compared to $15.2 million in investment losses in the fourth quarter of 2008.
Operating income, which excludes investment gains and losses, rose 5.8 percent, to $8.2 million. On a per-share basis, operating income was 56 cents, up from 52 cents in the year-ago period.
For all of fiscal 2009, Baldwin & Lyons pulled in revenue of $232.6, up 48 percent from 2008. Full-year profit totaled $44.8 million, or $3.04 per share, compared with a 2008 loss of $7.7 million, or 51 cents per share.