Heritage Insurance reports Q3 EPS 27c, consensus 6c

Reports Q3 revenue $2211.85M, consensus $209.91M. Ernie Garateix, CEO, said: “Our focus has been on providing our policyholders with the support and response that they expect and need as we assist them with their recovery. To accomplish this, we have deployed our resources as well as those of our outsourced providers throughout the affected areas and have participated in numerous insurance hurricane villages, where we meet personally with policyholders to assist with their claims. While the recovery will take time, I am very proud of our employees and their commitment to our policyholders to help them through this challenging time. While I am proud of the support that we have provided to our policyholders, I am also very proud of our third quarter financial results which clearly demonstrate the successful execution of our strategic initiatives focused on attaining rate adequacy and improving our underlying portfolio. A core objective of our strategy has been to position Heritage to sustain a hurricane loss while maintaining our profitability. I am pleased to note that even with $48.0M of retained hurricane losses in the quarter, we have achieved this goal, reporting net income of $8.2M in Q3. That said, we have much more to accomplish as we now pivot our strategy to one of controlled growth. I