Triple-S Management (GTS) Reports Q4 Revenues Below Estimates

Note: EPS may not be comparable

Triple-S Management (NYSE: GTS) reported Q4 EPS of $0.96, versus $0.27 reported last year. Revenue for the quarter came in at $706.78 million versus the consensus estimate of $761.29 million.

Quarterly Consolidated and Other Highlights and Subsequent Events

• Net income of $24.2 million, or $1.03 per diluted share, versus net income of $12.0 million, or $0.50 per diluted share, in the prior-year period;
• Adjusted net income of $22.1 million, or $0.94 per diluted share, versus adjusted net income of $3.4 million, or $0.14 per diluted share, a year ago, reflecting the ongoing improvements in the Company\'s Managed Care operations and the estimated decrease in utilization of medical services caused by Hurricanes Irma and Maria. The net impact of the recent hurricanes represented approximately $0.46 of the improvement in the quarter\'s adjusted earnings per share;
• Operating revenues of $706.8 million, a 1.7% decrease from the prior-year period, reflecting lower premiums in the Property & Casualty and Managed Care segments;
• Consolidated operating income of $41.1 million compared to an operating loss of $1.5 million in the prior-year period;
• Consolidated loss ratio of 78.2%, driven primarily by lower utilization in Managed Care with a medical loss ratio (\"MLR\") of 80.9%;
• The Company\'s Board authorized a $25.0 million expansion of its existing $30.0 million Class B share repurchase program. Under the repurchase program, during the fourth quarter of 2017, 322,381 shares were repurchased at an aggregate cost of $7.7 million. Thus far during 2018, the Company has repurchased an additional 225,000 shares at an aggregate cost of $5.3 million. As of February 27, 2018, including the expansion, $29.4 million of capacity remain in the program.

For earnings history and earnings-related data on Triple-S Management (GTS) click here.

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