Porch Group Shares Surge Following Higher-Then-Expected Financial Targets

Dow Jones12-03

By Connor Hart

Shares of Porch Group jumped after the company shared higher-than-expected financial targets ahead of its Investor Day conference, scheduled for Thursday morning.

The stock was up 22%, to $4.60, Tuesday morning. Shares have gained nearly 50% since the beginning of the year.

The Seattle homeowners insurance company projected adjusted Ebitda, or earnings before interest, taxes, depreciation and amortization, of $50 million next year, as well as adjusted Ebitda of $100 million in 2026.

Analysts are expecting adjusted Ebitda of $25.3 million and $31.3 million in 2025 and 2026, respectively, according to FactSet.

Chief Executive Matt Erlichman said he believes the company has reached an inflection point, set to post sustained growth, increased profits and value creation for shareholders moving forward

The conference will also cover topics including the operations of Porch's new insurance services segment, details of the company's businesses and future opportunities for its data unit, the company said.

Write to Connor Hart at connor.hart@wsj.com

(END) Dow Jones Newswires

December 03, 2024 10:14 ET (15:14 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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