Universal Insurance (UVE) Misses Q4 EPS by 53c, Revenues Beat; Introduces FY20 EPS Guidance Above Consensus

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Go back to Universal Insurance (UVE) Misses Q4 EPS by 53c, Revenues Beat; Introduces FY20 EPS Guidance Above Consensus

Universal Insurance Holdings Reports Fourth Quarter 2019 Results; Well-Positioned on EPS and ROAE guidance for 2020

March 2, 2020 4:15 PM EST

4Q19 total revenue up 10.6% to $239.4 million; FY19 up 14.0% to $939.4 million 4Q19 other states direct premiums written up 23.3%; FY19 other states up 27.6% 4Q19 diluted GAAP earnings per share (EPS) of $(1.55), non-GAAP adjusted EPS1 of $(1.57) FY19 diluted GAAP EPS of $1.36, non-GAAP adjusted EPS1 of $1.18 FY19 return on average equity of 9.2%; Debt-to-equity ratio of 2.0% Full year EPS driven by 4Q19 pre-tax charges, $43.7 million in prior years adverse development, $40.7 million reduction in prior years anticipated subrogation recoveries, $24.7 million in current year strengthening, and $16.7 million in strengthening for current year weather events above... More