By Chris Wack
Lemonade shares hit their 52-week high after the company reported a third-quarter loss that was narrower than analysts expected, and higher guidance.
The stock was trading at $23.54, up 26%, after going as high as $25.40 earlier in the session.
The insurance company said it had a quarterly loss of $67.7 million, or 95 cents a share, compared with a loss of $61.5 million, or 88 cents a share, in the same quarter last year. Analysts polled by FactSet were looking for a loss of $73.6 million, or $1.02 a share.
Revenue for the quarter was $136.6 million, compared with $114.5 million last year and the $128.7 million analysts were looking for. The company said revenue was higher primarily due to an increase in its earned premium, ceding commission income and net investment income.
Lemonade is looking for fourth-quarter revenue of $144 million to $146 million, and 2024 revenue of $522 million to $524 million. Analysts have forecast fourth-quarter revenue of $143.8 million, and 2024 revenue of $515.4 million.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
October 31, 2024 13:27 ET (17:27 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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