Hagerty (NYSE:HGTY) Second Quarter 2024 Results

Key Financial Results

• Revenue: US$313.2m (up 20% from 2Q 2023).

• Net income: US$8.54m (up 255% from 2Q 2023).

• Profit margin: 2.7% (up from 0.9% in 2Q 2023). The increase in margin was driven by higher revenue.

• EPS: US$0.10 (up from US$0.029 in 2Q 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 2.0%. Earnings per share (EPS) missed analyst estimates by 71%.

Looking ahead, revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US.

Performance of the American Insurance industry.

The company's shares are down 2.3% from a week ago.

Balance Sheet Analysis

While it's very important to consider the profit and loss statement, you can also learn a lot about a company by looking at its balance sheet. See our latest analysis on Hagerty's balance sheet health.

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