View Webcast | Investor Supplement | Statement of Operations
Net Income per Diluted Share up 14.5 percent for the Quarter
Erie, Pa. - May 2, 2019 - Erie Indemnity Company (NASDAQ: ERIE) today announced financial results for the quarter ending March 31, 2019. Net income was $75.3 million, or $1.44 per diluted share, in the first quarter of 2019, compared to $65.8 million, or $1.26 per diluted share, in the first quarter of 2018.
1Q 2019 |
|||||||
(dollars in thousands) |
1Q'19 |
1Q'18 |
|
||||
Operating income |
$ |
86,122 |
|
$ |
77,567 |
|
|
Investment income |
9,795 |
|
6,163 |
|
|
||
Interest expense and other income, net |
402 |
|
509 |
|
|
||
Income before income taxes |
95,515 |
|
83,221 |
|
|
||
Income tax expense |
20,204 |
|
17,463 |
|
|
||
Net income |
$ |
75,311 |
|
$ |
65,758 |
|
|
|
|
|
|
Operating income before taxes increased $8.6 million, or 11.0 percent, in the first quarter of 2019 compared to the first quarter of 2018, as the growth in total operating revenue outpaced the growth in total operating expenses.
Income from investments before taxes totaled $9.8 million in the first quarter of 2019 compared to $6.2 million in the first quarter of 2018. Net realized gains were $2.5 million in the first quarter of 2019 compared to net realized losses of $0.5 million in the first quarter of 2018. Net investment income was $8.5 million in the first quarter of 2019 compared to $6.8 million in the first quarter of 2018.
Webcast Information
Indemnity has scheduled a pre-recorded audio broadcast on the Web for 10:00 AM ET on May 3, 2019. Investors may access the pre-recorded audio broadcast by logging on to www.erieinsurance.com.