United Insurance Holdings (UIHC) Misses Q1 EPS by 5c, Revenues Miss

United Insurance Holdings (NASDAQ: UIHC) reported Q1 EPS of $0.21, $0.05 worse than the analyst estimate of $0.26. Revenue for the quarter came in at $176.3 million versus the consensus estimate of $193.73 million.

"It's nice to get off to a good start in 2020," said John Forney, President & CEO of UPC Insurance. "Our key metrics were significantly improved year-over-year, and the underlying trends across all our business lines are strong. We look forward to the rest of the year."

Impact of Coronavirus (COVID-19), Financial Status and Outlook

In recent months, there has been an outbreak of a novel strain of COVID-19 in many countries in the world, which was declared a pandemic by the World Health Organization in March 2020. This has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans and restrictions, self-imposed quarantine periods, state and local shelter-in-place orders, business and government shutdowns and social distancing, have caused material disruption to businesses and economies globally. In addition, global equity markets have experienced significant volatility and weakness.

The Company is committed to their employees, agents, customers and shareholders in their resolve to maintain a stable and secure business. The Company has continued to operate at nearly full capacity while taking the necessary steps to ensure the health and safety of their employees through adherence to CDC and local government work guidelines. In addition, the Company has converted to virtual sales processes to enable our agents to continue their activities.

The scope, severity and longevity of any potential business shutdowns or disruptions as a result of the COVID-19 outbreak is highly uncertain and cannot be predicted at this time, as new information may continue to emerge concerning the actions governments may take to contain or mitigate the spread of the virus or address its impact on individuals, businesses and the economy. The Company did not incur material claims or significant disruptions to the business for the three months ended March 31, 2020. At this time, it is not possible to reasonably estimate the extent of the impact of the economic uncertainties on the financial results and conditions of the Company in future periods, but the Company will continue to respond to the COVID-19 pandemic and take reasonable measure to make sure customers continue to be served without interruption.

For earnings history and earnings-related data on United Insurance Holdings (UIHC) click here.

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