Shares of Skyward Specialty Insurance Group Inc. (SKWD) plunged 5.39% on Tuesday, despite the company reporting better-than-expected earnings and revenue for the third quarter of 2024.
According to the earnings report, SKWD posted adjusted earnings per share of $0.71 for the quarter ended September 30, higher than the analyst consensus estimate of $0.65. The company's revenue also rose 25.8% year-over-year to $300.89 million, beating Wall Street expectations of $290.67 million.
However, the strong financial performance appears to have been overshadowed by other factors, which may have contributed to the stock's decline. Investors could be concerned about the company's growth prospects or competitive pressures in the insurance industry. Additionally, broader market conditions and macroeconomic factors could have played a role in the sell-off.
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