Published on 2 May 2024 on GuruFocus.com via Yahoo Finance
Palomar Holdings Inc (PLMR) Outperforms Analyst Expectations in Q1 2024 Earnings
Net Income: Reported $26.4 million for Q1 2024, surpassing the estimated $23.45 million, reflecting a significant increase from $17.3 million in Q1 2023.Earnings Per Share (EPS): Achieved $1.04 per diluted share, exceeding the estimate of $0.94, up from $0.68 in the prior year's quarter.Revenue: Gross written premiums soared by 47.2% to $368.1 million, indicating robust growth in product lines, notably in Crop and Casualty segments.Investment Income: Net investment income rose by 39.4% to $7.1 million, driven by higher yields and a larger balance of investments.Underwriting Income: Grew to $25.0 million with a combined ratio improvement to 76.9% from 77.9% in Q1 2023, signaling enhanced operational efficiency.Return on Equity: Annualized return on equity improved to 21.7%, up from 17.5% in the same period last year, with adjusted return on equity reaching 22.9%.Full Year Outlook: Adjusted net income guidance for 2024 raised to between $113 million and $118 million, reflecting confidence in sustained strong performance.
Warning! GuruFocus has detected 6 Warning Sign with PLMR.