Heritage Insurance Non-GAAP EPS of $0.41 beats by $0.25, revenue of $166.71M beats by $1.39M

• Heritage Insurance press release (NYSE:HRTG): Q4 Non-GAAP EPS of $0.41 beats by $0.25.
• Revenue of $166.71M (+4.5% Y/Y) beats by $1.39M.
• Gross premiums earned of $293.7 million, up 10.7% from $265.4 million in the prior year quarter, reflecting higher gross premiums written over the last twelve months.
• Net loss ratio of 61.9%, improving 8.5 points from the prior year quarter, as both attritional and net current accident quarter weather losses improved.

Comments

[Timothy Stabosz]

Excellent results and guidance. Stock price makes absolutely no sense. I don’t see why it shouldn’t trade up to $7+, over the coming days, even in a down market. Absolutely thrilled!

(Btw, ignore the goodwill write down. It’s primarily a result of the irrational stock price decline.)

[chankay]

@Timothy Stabosz I was wondering what the goodwill write-down was especially since they mentioned it was due to stock valuation which can just as easily rise. Is it there own stock that caused the write-down? Because ai didn't think they held that many equities as investments

[Timothy Stabosz]

@chankay

Correct on the first part.

Has nothing to do with any decline in equity portfolio investments.