Heritage Insurance (HRTG) Tops Q4 EPS by 49c, Revenues Beat
- Wall Street heads for subdued start as Netflix, oil drop
- Netflix (NFLX) Plunges Following Q1 Sub Miss, But One Analyst Sees Chance to Turn Bullish
- Oil prices drop as India's COVID-19 surge dents demand outlook
- Dollar firm as COVID-19 resurgence hits reflation trades
- Manchester United (MANU) Stock Falls as European Super League Collapses Amid Huge Fans Backlash
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
Heritage Insurance (NYSE: HRTG) reported Q4 EPS of $0.10, $0.49 better than the analyst estimate of ($0.39). Revenue for the quarter came in at $159.55 million versus the consensus estimate of $146.56 million.
Fourth Quarter 2020 Highlights
- Net income of $2.8 million, or $0.10 per diluted share.
- Book value per share of $15.94, up 1.8% year-over-year.
- Gross premiums written of $282.3 million, up 19.9% year-over-year.
- Launched partnership with The Hartford to offer bundled home and auto policies.
- Favorable prior year reserve development of $4.7 million.
- Net current accident quarter weather losses of $38.9 million, up substantially from $15.3 million in the prior year quarter. Current accident quarter weather losses include $24.4 million of catastrophe losses and $14.5 million of other weather losses.
- Total capital returned to shareholders of $1.7 million, reflecting $0.06 per share regular quarterly dividend.
- Began writing homeowners insurance in Maryland, representing sixteenth active state.
Ernie Garateix, the Company's CEO, said, "We were able to generate positive net income in the fourth quarter and full year and grow book value per share year-over-year despite experiencing unprecedented weather losses. I believe our solid organic growth platform and heightened focus on underwriting profitability position us well for 2021 and beyond."
For earnings history and earnings-related data on Heritage Insurance (HRTG) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Verizon Communications (VZ) Tops Q1 EPS by 2c, Revenues Beat; Offers FY21 EPS Outlook
- Edwards Lifesciences (EW) Tops Q1 EPS by 6c, Revenues Beat; Offers FY21 EPS Outlook
- Waters Corp. (WAT) Announces Amol Chaubal named Waters Chief Financial Officer