Heritage Insurance (HRTG) Tops Q3 EPS by 14c, Revenues Miss

October 31, 2018 4:02 PM

Heritage Insurance (NYSE: HRTG) reported Q3 EPS of $0.23, $0.14 better than the analyst estimate of $0.09. Revenue for the quarter came in at $118.24 million versus the consensus estimate of $125.49 million.

Bruce Lucas, the Company\'s Chairman and CEO, said, "We reported a solid third quarter despite retaining $16.6 million of catastrophe losses associated with Hurricanes Florence and Lane, as our vertically integrated structure continues to benefit results. We have continued our trend to diversify away from Florida's Tri-County, which reduces our exposure to the state's assignment of benefits crisis. Personal lines Tri-County Florida TIV only accounted for 5.7% of our overall third quarter 2018 book of business, down 9.2 points year-over-year. We're also continuing to expand outside Florida and recently received licenses in Maryland and Virginia, bringing our total licensed count to 15 states and look forward to new growth opportunities.

For earnings history and earnings-related data on Heritage Insurance (HRTG) click here.

Categories

Earnings Management Comments

Next Articles