Heritage Insurance Holdings (NYSE:HRTG) Full Year 2024 Results

Key Financial Results

• Revenue: US$817.0m (up 11% from FY 2023).
• Net income: US$61.5m (up 36% from FY 2023).
• Profit margin: 7.5% (up from 6.2% in FY 2023). The increase in margin was driven by higher revenue.
• EPS: US$2.01 (up from US$1.73 in FY 2023).

HRTG Profitability Indicators

• Combined ratio: 94.2% (down from 96.3% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Heritage Insurance Holdings Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 8.4%.

In the last 12 months, the only revenue segment was Insurance - Property & Casualty contributing US$817.0m. Notably, cost of sales worth US$638.2m amounted to 78% of total revenue thereby underscoring the impact on earnings. The largest operating expense was General & Administrative costs, amounting to US$85.1m (73% of total expenses). Explore how HRTG's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 5.2% growth forecast for the Insurance industry in the US.

Performance of the American Insurance industry.

The company's shares are up 2.0% from a week ago.

Balance Sheet Analysis

While earnings are important, another area to consider is the balance sheet. We have a graphic representation of Heritage Insurance Holdings' balance sheet and an in-depth analysis of the company's financial position.

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