Hagerty reports Q2 EPS 9c vs. 3c last year

Reports Q2 revenue $313.2M vs. $261.24M last year. “We delivered excellent top line growth and margin expansion during the first half of 2024 as our differentiated business model delivers sustained, compounding growth,” said CEO McKeel Hagerty. “Total revenue gains of 22% were fueled by written premium growth of 18% as our vehicle count increased 8% over the prior year. High rates of growth, combined with more efficient and effective business processes drove operating margin expansion of 840 basis points. This laser focus on profitability resulted in Net Income of $51M and Adjusted EBITDA of $80M during the first six months of 2024, ahead of expectations. Given the strong start to the year and continued business momentum, we have increased our 2024 growth outlook. We now expect written premium growth of 14-15% for the year, powered by strong new business count. Operating margin expansion is expected to drive net income growth of 170-198% and Adjusted EBITDA growth of 47-59% as we help car enthusiasts protect, buy and sell, and enjoy their special vehicles.”