Richmond-area firms: Markel Corp.
Markel Corp., a specialty insurer in Henrico County, reported fourth-quarter net income of $52.3 million, or $5.19 per share, compared with $140.4 million, or $14.37 per share, in the year-ago period.
For the year, Markel reported income of $148.5 million, or $14.60 per share, compared with $267.7 million, or $27.27 per share.
Markel's net investment income in the fourth quarter fell slightly to $67.1 million from $71 million in the year-earlier period. For the year, the company had investment income of $263.7 million compared with $272.5 million in 2010.
Net realized investment gains for the quarter were $10.4 million, compared with $14.2 million in same quarter of 2010. For the year, Markel had $35.9 million in investment gains compared with 36.4 million in 2010.
Alan I. Kirshner, chairman and chief executive officer, said the 2011 underwriting results were affected by a higher-than-expected frequency of natural catastrophes, including the floods in Thailand.
In the fourth quarter, the company added Bethlehem, Pa.-based Weldship Corp. to its portfolio of industrial and services companies owned by Markel Ventures, the company's investment subsidiary.
Carol Hazard
NewMarket Corp.
NewMarket Corp.'s profit declined 32 percent in the fourth quarter on slower demand, but the company reported record profit and sales for the full year of 2011.
The Richmond-based maker of petroleum additives reported profit of $33.7 million, or $2.51 per share, for the fourth quarter compared with profit of $49.4 million, or $3.47 per share, in the same period of 2010.
The company attributed the decline in profit to a reduction in inventory levels by some customers, a slowdown in demand influenced by economic concerns, particularly in Europe, and some one-time expenses in the fourth quarter.
Revenue increased to $505.6 billion from $460.6 billion in the year-earlier period.
For the full year of 2011, the company reported profit of $206.9 million, or $15.09 per share, compared with profit of $177.1 million, or $12.09 per share, for 2010.
Revenue rose to $2.1 billion for the first time, the company said.
Shares rose $4.10 or 1.9 percent to $220.29 on the New York Stock Exchange. The company reported earnings after the market closed.
John Reid Blackwell
Company of interest: Chrysler
Higher sales of Jeeps and other new vehicles propelled Chrysler to its first annual net income since 1997, capping a pivotal turnaround that many thought would never happen.
The U.S. automaker, now privately held and majority owned by Italy's Fiat SpA, earned $183 million last year, reversing a $652 million loss in 2010, its first full year out of bankruptcy protection.
Chrysler expects an even better 2012, despite a sluggish and uncertain economy. The company, which sells most of its vehicles in the U.S., predicts it will make about $1.5 billion this year and increase revenue 18 percent.
Revenue totaled $55 billion last year, 31 percent higher than in 2010.
Last year's profit would have been higher — $734 million — if the company hadn't refinanced $7.6 billion in loans granted by the U.S. and Canadian governments. In the second quarter, the company took a $551 million accounting loss because of the refinancing.
For the fourth quarter, Chrysler earned $225 million, compared with a loss of $199 million.
The Associated Press
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