Hagerty Turns To Profit In Q4; Sees Significant Growth In FY24; Stock Up In Pre-market

(RTTNews) - Hagerty, Inc. (HGTY), a specialty vehicle insurance provider, reported Tuesday that its fourth-quarter net income attributable to class A common stockholders was $12.73 million, compared to a loss of $4.61 million in the prior year period.

Profit per share was $0.03, compared to loss of $0.06 per share last year. Adjusted loss per share was $0.01, compared to loss of $0.10 last year.

Total revenue increased 24 percent to $245.04 million from $197 million a year ago.

Analysts on average expected the company to report loss of $0.02 per share on revenues of $245.27 million, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Written Premium for the quarter increased 19 percent year-over-year to $192.9 million.

Looking ahead for fiscal 2024, the company expects to deliver net income growth of 116 percent to 148 percent, resulting in $61 million to $70 million.

Adjusted EBITDA growth would be 41 percent to 53 percent, resulting in $124 million to $135 million.

Total revenue would be $1.15 billion to $1.17 billion, representing a growth of 15 percent to 17 percent. Written Premium would be $1.025 billion to $1.034 billion, representing a growth of 13 percent to 14 percent.

In pre-market activity on the NYSE, Hagerty shares were gaining around 2.5 percent to trade at $9.19.

For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com.