We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
EverQuote (EVER) Q2 Earnings Top on Solid Automotive Revenues
Read MoreHide Full Article
EverQuote, Inc. (EVER - Free Report) reported second-quarter 2024 operating net income per share of 17 cents, which beat the Zacks Consensus Estimate by 325%. Moreover, the bottom line rebounded from the year-ago quarter’s loss of 40 cents per share.
Total revenues of $117 million beat the Zacks Consensus Estimate by 13.6%. The top line surged 72.3% year over year.
The quarterly results reflected solid performances across both Automotive insurance and Home and Renters insurance verticals and increased variable marketing margin, partially offset by higher expenses.
Revenues in the Automotive insurance vertical doubled year over year to $102.6 million. The Zacks Consensus Estimate was pegged at $85 million. Our estimate was $88.9 million.
Revenues in the Home and Renters insurance vertical totaled $13.9 million, which increased 29.5% year over year. The Zacks Consensus Estimate was pegged at $13.2 million. Our estimate was $12.7 million.
Revenues in the Other insurance vertical totaled $0.63 million, which plunged 91.6% year over year. The Zacks Consensus Estimate was pegged at $0.84 million and our estimate was $0.8 million.
Total costs and operating expenses increased 36.2% to $110.8 million, mainly due to higher sales and marketing, general and administrative expenses. Our estimate was $94.4 million.
EverQuote’s variable marketing margin increased 47.9% year over year in the quarter under review to $36.4 million. Our estimate was negative $32.6 million.
Adjusted EBITDA was $2.9 million against the year-ago quarter’s adjusted EBITDA loss of $2.1 million. Our estimate was negative $8.3 million.
Financial Update
EverQuote exited the second quarter with cash and cash equivalents of $60.9 million, up 60.4% from 2023-end. Total assets were $157.9 million, up 42.4% from 2023-end. Total stockholders' equity increased 24.6% to $100.8 million.
Cash from operations was $12.4 million in the second quarter of 2024, which surged more than three-fold year over year.
Q3 Guidance
EverQuote estimates revenues in the range of $137-$143 million and a variable marketing margin in the band of $38.5-$41.5 million. The company expects adjusted EBITDA between $14 million and $17 million.
The Hartford Financial Services Group, Inc. (HIG - Free Report) reported second-quarter 2024 adjusted operating earnings of $2.50 per share, which beat the Zacks Consensus Estimate by 10.6%. The bottom line climbed 33% year over year. Operating revenues of HIG amounted to $4.46 billion, which improved 9.4% year over year in the quarter under review. However, the top line missed the consensus mark of $4.49 billion.
Earned premiums of Hartford Financial rose 6.9% year over year to $5.6 billion in the second quarter but missed the Zacks Consensus Estimate by 0.9%. The metric was driven by an 8.9% and 2.2% year-over-year rise in P&C and Group Benefits’ earned premiums, respectively. Pre-tax net investment income of $602 million grew 11.5% year over year but missed the consensus mark by 1%. Total benefits, losses and expenses increased 3.7% year over year to $5.6 billion in the quarter under review. Pretax income of $912 million increased 35.7% year over year in the second quarter.
CNO Financial Group, Inc. (CNO - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.05, which beat the Zacks Consensus Estimate by 45.8%. Moreover, the bottom line rose 94.4% year over year. Total revenues increased 4.2% year over year to $1.07 billion in the second quarter. The top line beat the consensus mark by 16.4%. Total insurance policy income of $641.5 million improved 2.1% year over year and beat the Zacks Consensus Estimate by 1.2%.
CNO’s net investment income increased 2.4% year over year to $409.1 million in the second quarter. General account assets grew 8.3% year over year to $351.7 million and beat the consensus mark by 14.1%. However, the policyholder and other special-purpose portfolios declined 37.3% year over year to $57.4 million. New annualized premiums for health and life products improved 4.3% year over year to $102.9 million. Annuity, Health and Life products accounted for 27.7%, 49.4% and 22.9%, respectively, of CNO’s insurance margin. Total benefits and expenses were $915.6 million, which declined 1.2% year over year.
Radian Group Inc. (RDN - Free Report) reported second-quarter 2024 adjusted operating income of 99 cents per share, which beat the Zacks Consensus Estimate by 13.8%. Moreover, the bottom line increased 8.8% year over year. Operating revenues increased 12.3% year over year to $325.6 million. Net premiums earned were $237.7 million, up 11.4% year over year. Net investment income increased 16.4% year over year to $73.7 million.
MI New Insurance Written decreased 18% year over year to $13.9 billion. Primary mortgage insurance in force increased 2.2% year over year to $272.8 billion. Persistency — the percentage of mortgage insurance in force that remains in the company’s books after a 12-month period — was 84% as of Jun 30, 2024, up 100 basis points year over year. Primary delinquent loans were 20,276 as of Jun 30, 2024, up 2% year over year.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
EverQuote (EVER) Q2 Earnings Top on Solid Automotive Revenues
EverQuote, Inc. (EVER - Free Report) reported second-quarter 2024 operating net income per share of 17 cents, which beat the Zacks Consensus Estimate by 325%. Moreover, the bottom line rebounded from the year-ago quarter’s loss of 40 cents per share.
Total revenues of $117 million beat the Zacks Consensus Estimate by 13.6%. The top line surged 72.3% year over year.
The quarterly results reflected solid performances across both Automotive insurance and Home and Renters insurance verticals and increased variable marketing margin, partially offset by higher expenses.
EverQuote, Inc. Price, Consensus and EPS Surprise
EverQuote, Inc. price-consensus-eps-surprise-chart | EverQuote, Inc. Quote
Behind the Headlines
Revenues in the Automotive insurance vertical doubled year over year to $102.6 million. The Zacks Consensus Estimate was pegged at $85 million. Our estimate was $88.9 million.
Revenues in the Home and Renters insurance vertical totaled $13.9 million, which increased 29.5% year over year. The Zacks Consensus Estimate was pegged at $13.2 million. Our estimate was $12.7 million.
Revenues in the Other insurance vertical totaled $0.63 million, which plunged 91.6% year over year. The Zacks Consensus Estimate was pegged at $0.84 million and our estimate was $0.8 million.
Total costs and operating expenses increased 36.2% to $110.8 million, mainly due to higher sales and marketing, general and administrative expenses. Our estimate was $94.4 million.
EverQuote’s variable marketing margin increased 47.9% year over year in the quarter under review to $36.4 million. Our estimate was negative $32.6 million.
Adjusted EBITDA was $2.9 million against the year-ago quarter’s adjusted EBITDA loss of $2.1 million. Our estimate was negative $8.3 million.
Financial Update
EverQuote exited the second quarter with cash and cash equivalents of $60.9 million, up 60.4% from 2023-end. Total assets were $157.9 million, up 42.4% from 2023-end. Total stockholders' equity increased 24.6% to $100.8 million.
Cash from operations was $12.4 million in the second quarter of 2024, which surged more than three-fold year over year.
Q3 Guidance
EverQuote estimates revenues in the range of $137-$143 million and a variable marketing margin in the band of $38.5-$41.5 million. The company expects adjusted EBITDA between $14 million and $17 million.
Zacks Rank
EVER currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Performance of Other Multi-Line Insurers
The Hartford Financial Services Group, Inc. (HIG - Free Report) reported second-quarter 2024 adjusted operating earnings of $2.50 per share, which beat the Zacks Consensus Estimate by 10.6%. The bottom line climbed 33% year over year. Operating revenues of HIG amounted to $4.46 billion, which improved 9.4% year over year in the quarter under review. However, the top line missed the consensus mark of $4.49 billion.
Earned premiums of Hartford Financial rose 6.9% year over year to $5.6 billion in the second quarter but missed the Zacks Consensus Estimate by 0.9%. The metric was driven by an 8.9% and 2.2% year-over-year rise in P&C and Group Benefits’ earned premiums, respectively. Pre-tax net investment income of $602 million grew 11.5% year over year but missed the consensus mark by 1%. Total benefits, losses and expenses increased 3.7% year over year to $5.6 billion in the quarter under review. Pretax income of $912 million increased 35.7% year over year in the second quarter.
CNO Financial Group, Inc. (CNO - Free Report) reported second-quarter 2024 adjusted earnings per share of $1.05, which beat the Zacks Consensus Estimate by 45.8%. Moreover, the bottom line rose 94.4% year over year. Total revenues increased 4.2% year over year to $1.07 billion in the second quarter. The top line beat the consensus mark by 16.4%. Total insurance policy income of $641.5 million improved 2.1% year over year and beat the Zacks Consensus Estimate by 1.2%.
CNO’s net investment income increased 2.4% year over year to $409.1 million in the second quarter. General account assets grew 8.3% year over year to $351.7 million and beat the consensus mark by 14.1%. However, the policyholder and other special-purpose portfolios declined 37.3% year over year to $57.4 million. New annualized premiums for health and life products improved 4.3% year over year to $102.9 million. Annuity, Health and Life products accounted for 27.7%, 49.4% and 22.9%, respectively, of CNO’s insurance margin. Total benefits and expenses were $915.6 million, which declined 1.2% year over year.
Radian Group Inc. (RDN - Free Report) reported second-quarter 2024 adjusted operating income of 99 cents per share, which beat the Zacks Consensus Estimate by 13.8%. Moreover, the bottom line increased 8.8% year over year. Operating revenues increased 12.3% year over year to $325.6 million. Net premiums earned were $237.7 million, up 11.4% year over year. Net investment income increased 16.4% year over year to $73.7 million.
MI New Insurance Written decreased 18% year over year to $13.9 billion. Primary mortgage insurance in force increased 2.2% year over year to $272.8 billion. Persistency — the percentage of mortgage insurance in force that remains in the company’s books after a 12-month period — was 84% as of Jun 30, 2024, up 100 basis points year over year. Primary delinquent loans were 20,276 as of Jun 30, 2024, up 2% year over year.