Universal Insurance (UVE) Tops Q3 EPS by 11c, Revenues Beat

Universal Insurance (NYSE: UVE) reported Q3 EPS of $0.61, $0.11 better than the analyst estimate of $0.50. Revenue for the quarter came in at $229.6 million versus the consensus estimate of $227.76 million.

• 3Q19 total revenue up 11.4% to $229.6 million; YTD19 up 15.2% to $699.9 million
• 3Q19 direct premiums written (“DPW”) up 10.9% to $342.9 million; YTD19 up 7.4% to $990.1 million
• 3Q19 other states (non-Florida) DPW up 27.6%; YTD19 up 29.1%
• 3Q19 diluted GAAP earnings per share (“EPS”) of $0.59, non-GAAP adjusted EPS1 of $0.61
• Year-over-year book value per share up 12.7% to $17.13
• YTD19 diluted GAAP EPS of $2.82, non-GAAP adjusted EPS1 of $2.67
• YTD19 combined ratio of 90.5%
• YTD19 annualized return on average equity of 23.9%
• YTD19 Returned a record $49.9 million to shareholders through opportunistic share repurchases

“We achieved double digit revenue growth for both the third quarter and year-to-date periods, with solid profitability, resulting in a strong year-to-date total annualized return on average equity of 23.9%,” said Stephen J. Donaghy, Chief Executive Officer. “We believe these results, combined with the outstanding work our claims servicing team has done in bringing closure to prior years catastrophe events, and the launch this quarter of our multi-rater quote-to-bind platform on CloveredSM, where consumers can now receive up to five side-by-side quotes online from different carriers, positions us well to continue to deliver on our strategic priorities.”

For earnings history and earnings-related data on Universal Insurance (UVE) click here.

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