Mercury General Tops Targets, Lays Off 300

Mercury General(MCY Quote), the auto and home insurer, exceeded Wall Street first-quarter profit targets even as it reported year-over-year declines in its top and bottom lines and announced more than 300 layoffs.

The Los Angeles company reported earnings, excluding investment gains, of $46 million, or 83 cents a share, down 17.8% from $55.9 million, or $1.02 a share a year ago. Analysts were expecting EPS of 64 cents for the just-ended quarter.

Including investment gains, they company earned $96.7 million, or $1.75 a share, compared with the year-ago period's loss of $4 million, or 7 cents a share. ...