GEICO (NYSE: GE) reported better-than-expected fourth-quarter profit on Wednesday, after the acquisition of Verizon Wireless was completed.
The company said that its results for the fourth quarter came in at $2,971 per share on $2 billion in revenue.
Analysts had expected $2 per share.
GEICO has also increased its dividend from 7 cents to 10 cents per share and said it is paying dividends to all shareholders for the first time ever.
Analytically, the company’s earnings beat Wall Street’s consensus forecast of $2 to $2 and its revenue beat analyst forecasts of $1.8 billion to $1 billion.
GEICA is a subsidiary of American Express Group Inc. The transaction is expected to close by the end of March.
GEI’s shares rose 1.4% to $30.30 in afternoon trading on Wednesday.
GEIA’s shares have lost more than 20% this year.
The deal for Verizon was approved by the FCC last month.
GEICO was already an early investor in the company and has a long history of acquiring high-profile technology companies.
GEIS also has a history of buying smaller companies to bolster its presence in the mobile-phone business.
GEIE has also been one of the biggest supporters of Obamacare, which was announced as part of the deal.