earnings
confidence high
sentiment negative
materiality 0.85
Q2 net loss $22.4M vs income $8.0M YoY; Fortegra investment closes
TIPTREE INC.
2022-Q2 EPS reported
-$0.67
revenue$664,746,000
- Net loss of $22.4M ($0.64 diluted EPS) vs income $8.0M in Q2'21, driven by deferred tax liability and unrealized investment losses.
- Closed $200M strategic investment in Fortegra by Warburg Pincus; recognized $63.2M pre-tax gain in equity, partially offset by $39.6M tax expense.
- Adjusted net income rose 6.6% to $14.0M; adjusted return on average equity 12.3%.
- Sold one dry bulk vessel for $21.5M; signed agreements to sell remaining two vessels for $46.2M, expected close in Q3'22.
- Declared $0.04/share dividend payable Aug 29, record Aug 22; repurchased 89,543 shares at avg $10.45.