Innovation Update

Return to Article

Horace Mann Trims Guidance Again

TSC Staff

Financial services group Horace Mann Educators(HMN Quote) Monday lowered its 2003 earnings outlook because of claims triggered by the California wild fires.

The Springfield, Ill.- based company said it now expects to earn about 15 cents to 25 cents a share in the year ended Dec. 31. The Thomson First Call consensus estimate is 29 cents a share . The company earned $1.18 a share in 2002.

The company said the net cost of fire-related claims is expected to be $6.5 million, or 15 cents per share.

In October, the company reduced its earnings guidance to 30 cents to 40 cents a share.

Horace Mann specializes in insurance, annuities and other financial services for educators.

Shares were recently down flat at $13.60.