Baldwin & Lyons Inc. on Thursday reported higher third-quarter earnings on slightly lower revenue.
The Indianapolis-based transportation insurer earned $7.8 million, or 52 cents per share, in the quarter, compared with $5.8 million, or 39 cents per share, in the same quarter of 2014.
The earnings exceeded an analyst's expectation of 46 cents per share.
The company said earnings before investment gains and losses were a record $9.1 million, or 61 cents per share.
Baldwin & Lyons had third-quarter revenue of $67.5 million, down from $70.5 million in the year-ago period. This year's revenue figure included $2.1 million in investment losses, while last year's included $658,000 in investment gains.
Premiums written by the company's insurance subsidiaries during the quarter were $96 million, up 1.4 percent from the third quarter of 2014.
Baldwin & Lyons’ Class B shares were up 1.6 percent late Thursday afternoon, to $23.41 each. The shares are down about 9 percent since the beginning of the year.