Stock Track | Universal Insurance Soars After Q2 Earnings Beat Estimates

Stock Track07-26

Universal Insurance Holdings (NYSE: UVE) shares surged 7.45% in after-hours trading on Thursday after the company reported better-than-expected second-quarter 2024 results.

The property and casualty insurance company reported non-GAAP earnings per share of $1.18, beating the consensus estimate of $1.02 by $0.03. Revenue for the quarter came in at $380.21 million, up 12% year-over-year and surpassing analysts' expectations of $340.09 million by $40.12 million.

The strong results were driven by growth in Universal Insurance's core business segments. The company's net income for the quarter was $35.4 million, or $1.21 per share, compared to $25.6 million, or $0.87 per share, in the same period last year.

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