State Auto Financial (STFC) Tops Q4 EPS by 7c, Revenues Miss

State Auto Financial (NASDAQ: STFC) reported Q4 EPS of $0.57, $0.07 better than the analyst estimate of $0.50. Revenue for the quarter came in at $264.4 million versus the consensus estimate of $329.3 million.

• Quarterly net loss of $0.57 per diluted share including $1.25 per diluted share, or $54.1 million, of after-tax net unrealized loss on investments
• Quarterly net income from operations2 of $0.67 per diluted share
• Quarterly GAAP combined ratio of 94.6%
• Return on equity of 1.5%
• Book value per share of $19.79

STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter and year as follows:

“The fourth quarter and year 2018 results continued our positive momentum and further validated the bold strategic and operational decisions we’ve made since 2015. We’re now an emerging digital company, focused on writing personal auto and home, small and middle market commercial, farm and ranch, and workers’ compensation. Those lines produced 12.5% net written premium growth and a combined ratio of 98.6% for 2018, only the second year of profitable growth in 11 years.

“I couldn’t be more proud of our associates and distribution partners for their hard work. Thanks to them, we’ve made remarkable progress in a short period of time. We’re justifiably proud, but we know we must get even better. There is still much room for improvement and we will remain diligent as we move forward. However, our 2018 results demonstrate that we now have a solid foundation upon which we can profitably grow and outperform the industry."

For earnings history and earnings-related data on State Auto Financial (STFC) click here.

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