2/9/2010-XL Capital (NYSE:XL) reported fiscal Q3 EPS of $0.69, missing consensus estimates by a penny.

Sales in the quarter rose 31% year-over-year to $1.45 billion, topping consensus estimates of $1.16 billion.

Chief Executive Officer Mike McGavick said, "Successfully meeting the challenge to reduce expenses was one of the primary reasons we were able to achieve these strong results. Our cost-saving initiatives have allowed us to stem the tide of the difficult financial times and are intended to put XL in a competitively advantageous position."

Mr. McGavick concluded: "No one can state with certainty when or how the underwriting cycle will turn, but we believe we have taken the steps necessary to position XL well, both in the face of current challenges and for when market conditions improve."

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