SAFECO Estimates 2Q Loss

SAFECO announced it expects to report an operating loss for the second quarter of between $0.25 and 0.30 per share. This compares with analysts’ current consensus estimate of a loss of $0.19 per share, with some analysts estimating a quarterly loss as high as $0.30 per share.

SAFECO’s core performance – excluding weather and catastrophes – improved compared to the first quarter. The company’s overall financial results were adversely affected by an April hailstorm in St. Louis, Tropical Storm Allison and a series of Midwest storms, which other insurance companies reported will affect their earnings in the second quarter.

SAFECO will announce its full second-quarter financial results on July 23.