21ST CENTURY EARNINGS DOWN 67%.Byline: Chris Sieroty Staff Writer WOODLAND HILLS - 21st Century Industries Inc., one of the nation's largest auto insurance companies, is expected to report today that third- quarter earnings declined by 67 percent from the same period last year. Analysts surveyed by First Call/Thomson Financial predict the Woodland Hills-based company will report earnings of 7 cents per share Cents per share The amount of a mutual fund's dividend or capital gains distributions that a shareholder will receive for each share owned. for the third-quarter 2000, compared with 21 cents for the same period a year ago. ``They are feeling the bite of a very competitive auto insurance market in California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). ,'' said Blair Sanford, an analyst with Cohran, Caronia & Co. in San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden . He blamed the decline in earnings on a failed attempt by the previous management team to attract additional policyholders by reducing rates. ``21st Century isn't alone in feeling margin pressures,'' he said. ``The fact of the matter is that they are going to have to raise their rates.'' Ric Hill, a spokesman with 21st Century, declined to comment on the estimate offered by analysts. The $870 million company, which is the ninth-largest consumer auto insurance company in the nation, markets policies to customers in California, Arizona Arizona (âr'əzō`nə), state in the southwestern United States. It is bordered by Utah (N), New Mexico (E), Mexico (S), and, across the Colorado R., Nevada and California (W). , Oregon Oregon, city, United States Oregon, city (1990 pop. 18,334), Lucas co., NW Ohio, a suburb adjacent to Toledo, on Lake Erie; inc. 1958. It is a port with railroad-owned and -operated docks. The city has industries producing oil, chemicals, and metal products. , Washington and Nevada. 21st Century also offers homeowner policies in California. Shares of 21st Century gained 37.5 cents, or 2.41 percent, to close Tuesday at $15.9375 on heavy volume of 21,700 shares traded on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. . |
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