Hagerty Third Quarter 2024 Earnings: Revenues Beat Expectations, EPS Lags

Hagerty (NYSE:HGTY) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$323.4m (up 17% from 3Q 2023).
• Net income: US$3.01m (down 7.5% from 3Q 2023).
• Profit margin: 0.9% (down from 1.2% in 3Q 2023). The decrease in margin was driven by higher expenses.
• EPS: US$0.034 (down from US$0.039 in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Hagerty Revenues Beat Expectations, EPS Falls Short

Revenue exceeded analyst estimates by 2.3%. Earnings per share (EPS) missed analyst estimates by 92%.

Looking ahead, revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Insurance industry in the US.

Performance of the American Insurance industry.

The company's shares are down 1.5% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Hagerty's balance sheet and an in-depth analysis of the company's financial position.

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