ACIC Q2 core EPS $0.40 beats consensus $0.30; book value $4.63; guides FY net income $85M-$95M

AMERICAN COASTAL INSURANCE Corp

2024-Q2 EPS reported $0.87 revenue$135,254,000

Core EPS $0.40 vs analyst estimate $0.30; book value per share $4.63 vs est $4.58.
Net income from continuing ops $19.1M ($0.39 diluted), down 10.2% YoY; core income $19.6M.
Combined ratio 64.9% (est 74.3%), up 1.8 pts YoY; underlying combined ratio 66.4%.
Agreement to sell Interboro Insurance (IIC) to Forza; closing expected Q1 2025; IIC in discontinued ops.
FY2024 guidance: net income from continuing ops $85M-$95M, net premiums earned $285M-$300M.

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