Atlas Financial Holdings (AFH) Misses Q3 EPS by 3c

Atlas Financial Holdings (NASDAQ: AFH) reported Q3 EPS of $0.32, $0.03 worse than the analyst estimate of $0.35.

Highlights:

• Gross premium written increased by 55.3% to $65.3 million, which included an increase of 57.8% in our core commercial auto business
• In-force premium at September 30, 2015 was $199.1 million
• Operating income was $5.8 million for the three month period ended September 30, 2015, or $0.46 per diluted share, compared to $3.4 million for the three month period ended September 30, 2014, or $0.28 per diluted share
• Combined ratio improved by 0.8 percentage points to 88.8%
• Underwriting results improved to $4.7 million as compared to $2.7 million
• For the three month period ended September 30, 2015, net income attributable to Atlas was $4.0 million on a fully tax effected basis compared to $3.5 million which was not tax effected based on the Company’s treatment of DTAs in 2014
• Net earnings per diluted common share were $0.32, representing a $0.03 or 10.3% increase.
• On a tax effected basis, net earnings per diluted common share increased by 68.4% from the $0.19 per share in the prior year period had Atlas been a full U.S. taxpayer during the third quarter 2014
• Book value per diluted common share on September 30, 2015 was $9.88, compared to $9.08 at December 31, 2014 and $8.24 at September 30, 2014
• Annualized after tax return on common equity (“ROCE”) was 13.6% in the third quarter 2015, which includes the effect of Atlas becoming a full U.S. taxpayer in 2015

For earnings history and earnings-related data on Atlas Financial Holdings (AFH) click here.

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