TRAVERSE CITY, Mich. - Hagerty, Inc. (NYSE: HGTY), a leading specialty vehicle insurance provider, reported fourth-quarter earnings that were in line with analyst expectations, with an adjusted EPS of -$0.01. However, despite meeting EPS estimates, the company's stock experienced a significant decline, falling by 9.71% in response to the earnings announcement.
The company's revenue for the quarter was robust, coming in at $245 million, which surpassed the consensus estimate of $211.56 million. This represents a 24% increase in total revenue compared to the same quarter last year, indicating a strong performance in terms of sales.
Looking ahead, Hagerty provided its full-year 2024 revenue guidance, projecting a range of $1.15 to $1.17 billion. This forecast is closely aligned with analyst expectations, which predict a consensus of $1.16 billion. The midpoint of the company's guidance range, $1.16 billion, matches the analyst consensus, suggesting that Hagerty's outlook is consistent with market predictions.
McKeel Hagerty, Chief Executive Officer of Hagerty, commented on the company's achievements, stating, "2023 was an excellent year at Hagerty as we successfully executed on our 2023 priorities and delivered results that consistently exceeded expectations." He highlighted the company's revenue growth and improved profitability, with a significant year-over-year improvement in net income of $26 million and adjusted EBITDA of $90 million. Hagerty also noted operational efficiencies and cost discipline as key factors contributing to the expanded operating margins.
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