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Heritage Insurance Holdings (HRTG)
NYSE:HRTG
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Earnings Data
Report Date
Feb 27, 2025TBA Not Confirmed
Period Ending
2024 (Q4)Consensus EPS Forecast
-$0.02Last Year’s EPS
$1.15Same Quarter Last Year
Moderate Buy
Based on 2 Analysts Ratings
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Earnings Call Summary
Earnings Call Date:Nov 06, 2024
|% Change Since: 4.69%
|Next Earnings Date:Feb 27, 2025
Earnings Call Sentiment|Positive
The earnings call reflected a positive outlook with significant improvements in financial metrics such as net income, revenue growth, and premium increases, despite challenges from hurricane and weather-related losses. Strategic initiatives are showing favorable results, yet some caution remains with ongoing hurricane impacts and the continued suspension of dividends.Company Guidance
During the third quarter 2024 earnings call for Heritage Insurance Holdings, the company reported significant improvements in financial performance and operational metrics. The net income for the quarter was $8.2 million, or $0.27 per share, a substantial turnaround from a net loss of $7.4 million, or a loss of $0.28 per share, in the same quarter the previous year. This improvement was achieved despite $48 million in hurricane losses, highlighting the effectiveness of the company’s strategic initiatives. The total revenues increased by 13.7% to $211.9 million, driven by a rise in net earned premiums and investment income. Heritage's premium in force grew by $80.6 million, or 6%, while the policy count decreased by 66,000 policies, reflecting a strategic shift towards profitable geographies and products. The company maintained a robust $1.3 billion reinsurance tower and saw a 42% increase in net investment income. The net loss ratio improved to 65.4%, and the net combined ratio decreased to 100.6%. Additionally, the book value per share rose by 61.1% to $9.10, with a corresponding annualized return on equity of 12.2%. The company continues to focus on disciplined growth and enhancing rate adequacy, with significant rate increases expected to support financial results in 2025.Significant Improvement in Net Income
Achieved net income of $8.2 million or $0.27 per share, a sharp improvement from a net income loss of $7.4 million or a 28% loss per share in the third quarter of the previous year.
Growth in Premiums and Revenue
Total revenues for the quarter were $211.9 million, up 13.7% from $186.3 million in the prior year quarter. Gross premiums earned rose to $354.2 million, up 5.1% from $337 million in the prior year quarter.
Positive Impact of Strategic Initiatives
The strategic focus on rate adequacy and organic growth in the commercial residential line resulted in a premium in force increase by 23.6% compared to the third quarter of 2023.
Strong Financial Position and Reinsurance Coverage
Maintained a $1.3 billion reinsurance tower for the Southeast and a stable indemnity-based reinsurance program.
EMS Business Growth
In-force premiums grew nearly $25 million or 116% compared to the year-ago third quarter in the EMS business.
Improved Combined Ratio and Return on Equity
The net combined ratio for the quarter was 100.6%, down 10.2 points from 110.8% in the prior year quarter. Annualized return on equity for the quarter was 12.2%, an improvement of 31.2 points from a negative 19% in the prior year quarter.
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HRTG Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
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HRTG Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
| Nov 06, 2024 | $11.29 | $11.60 | +2.75% |
| Aug 06, 2024 | $7.25 | $7.40 | +2.07% |
| May 01, 2024 | $10.29 | $7.97 | -22.55% |
| Mar 11, 2024 | $7.15 | $8.95 | +25.17% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
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FAQ
When does Heritage Insurance Holdings (HRTG) report earnings?
Heritage Insurance Holdings (HRTG) is schdueled to report earning on Feb 27, 2025, TBA Not Confirmed.
What is Heritage Insurance Holdings (HRTG) earnings time?
Heritage Insurance Holdings (HRTG) earnings time is at Feb 27, 2025, TBA Not Confirmed.
Where can I see when companies are reporting earnings?
You can see which companies are reporting today on our designated earnings calendar.
What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is HRTG EPS forecast?
HRTG EPS forecast for the fiscal quarter 2024 (Q4) is -$0.02.
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