Universal Insurance (UVE) Tops Q3 EPS by 1c, Revenues Miss

Universal Insurance (NYSE: UVE) reported Q3 EPS of $1.04, $0.01 better than the analyst estimate of $1.03. Revenue for the quarter came in at $206.16 million versus the consensus estimate of $217.32 million.

Universal Insurance Holdings, Inc. Chairman and Chief Executive Officer Sean P. Downes commented: "Despite the occurrence of several significant catastrophic events during the third quarter, Universal once again reported excellent top line growth, strong underwriting results, and meaningful bottom line profitability, with an outstanding annualized ROE of 28.4% for the quarter. We continue to deliver strong organic growth within both Florida and through our expansion efforts into Other States, and Universal DirectSM continues to generate steady growth. Our vertically integrated structure again contributed favorably to results, with improved profitability at Universal Adjusting Corporation (UAC) resulting from increased service activity. Our balance sheet remains strong, conservatively positioned, and protected by a comprehensive reinsurance program. We are extremely pleased with our third quarter results and believe Universal remains well positioned to deliver outstanding value to shareholders going forward."

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

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