Verisk Analytics Inc. (VRSK - Free Report) reported better-than-expected second-quarter 2023 results.
Adjusted earnings (excluding 17 cents from non-recurring items) were $1.51 per share, beating the Zacks Consensus Estimate by 7.9% but decreasing 1.3% from the year-ago reported figure. Such a beat was supported by strong growth in underwriting data solutions, life insurance, and extreme events solutions.
Total revenues of $675 million surpassed the consensus estimate by 3.3% but decreased 9.6% from the year-ago figure. The reduced top line can be correlated to the sale of the company’s environmental health and safety business and Financial Services segment.
Quarter Details
The Insurance segment’s revenues grew 10.6% on a reported basis and 9.8% on OCC basis in the first quarter. Within the segment, Underwriting and Rating revenues saw an uptick of 9.2% to $478.1 million, beating our estimate by 3.4%. Claim revenues increased 14.4% year over year to $196.9 million, surpassing our estimate by 4.8%.
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Verisk Analytics Inc. (VRSK - Free Report) reported better-than-expected second-quarter 2023 results.
Adjusted earnings (excluding 17 cents from non-recurring items) were $1.51 per share, beating the Zacks Consensus Estimate by 7.9% but decreasing 1.3% from the year-ago reported figure. Such a beat was supported by strong growth in underwriting data solutions, life insurance, and extreme events solutions.
Total revenues of $675 million surpassed the consensus estimate by 3.3% but decreased 9.6% from the year-ago figure. The reduced top line can be correlated to the sale of the company’s environmental health and safety business and Financial Services segment.
Quarter Details
The Insurance segment’s revenues grew 10.6% on a reported basis and 9.8% on OCC basis in the first quarter. Within the segment, Underwriting and Rating revenues saw an uptick of 9.2% to $478.1 million, beating our estimate by 3.4%. Claim revenues increased 14.4% year over year to $196.9 million, surpassing our estimate by 4.8%.
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Global demand for oil is through the roof... and oil producers are struggling to keep up. So even though oil prices are well off their recent highs, you can expect big profits from the companies that supply the world with "black gold."
Zacks Investment Research has just released an urgent special report to help you bank on this trend.
In Oil Market on Fire, you'll discover 4 unexpected oil and gas stocks positioned for big gains in the coming weeks and months. You don't want to miss these recommendations.
Download your free report now to see them.
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