Porch Group reports Q3 EPS 12c vs. (6c) last year

Reports Q3 revenue $111.2M, consensus $116.22M. The company said, “We are excited by today’s update: the important approval of the Reciprocal Exchange formation, record profitability, and de-leveraging. The Reciprocal approval has been a long time coming, is a key milestone for Porch, and the culmination of tremendous work by the Porch team in partnership with the Texas Department of Insurance. We believe this will be the optimal structure for our insurance business, which we expect will result in a higher margin and a more predictable financial profile and equip our insurance operations to scale profitably in the future. Operational execution was strong and delivered profitability outperformance in the third-quarter. Our insurance business led the way, aided by strong underwriting improvements including the use of our unique property data to assess and price risk of homeowners insurance policies more accurately. In addition, we have repurchased $43 million of our unsecured notes in the third quarter, reducing the outstanding balance due in September 2026.”