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PICO Holdings Q1 loss widens YOY

PICO Holdings Inc. said its first-quarter normalized net income amounted to a loss of 33 cents per share, compared with the S&P Capital IQ consensus estimate of a loss of 29 cents per share.

The per-share loss widened year over year from 13 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was a loss of $7.7 million, compared with a loss of $3.0 million in the year-earlier period.

The normalized profit margin climbed to negative 5.1% from negative 11.5% in the year-earlier period.

Total revenue rose year over year to $84.7 million from $26.4 million, and total operating expenses increased on an annual basis to $99.8 million from $34.9 million.

Reported net income came to a loss of $16.8 million, or a loss of 73 cents per share, compared to a loss of $9.1 million, or a loss of 40 cents per share, in the prior-year period.