earnings
confidence high
sentiment neutral
materiality 0.75
Hagerty Q3 revenue up 17% to $323.4M; hurricane losses hit bottom line; FY outlook trimmed
Hagerty, Inc.
- Total revenue $323.4M (+17% YoY); written premium $287.6M (+13% YoY).
- Net income $19.0M (flat YoY); adjusted EBITDA $24.2M (-35% YoY) due to $24.7M pre-tax hurricane losses.
- Marketplace revenue surged 66% YoY to $21.6M; membership retention 89%.
- FY2024 revenue growth revised to 18-19%; net income guidance lowered to $65-74M (prior $76-84M).
- Adjusted EBITDA guidance lowered to $110-120M (prior $130-140M) from hurricane impact.