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NEW YORK -On Tuesday, Hagerty, Inc. (NYSE: HGTY), an automotive enthusiast brand and specialty vehicle insurance provider, reported fourth quarter earnings that beat analyst estimates, while providing revenue guidance for 2025 slightly below expectations.
Hagerty’s stock was down -0.10% in premarket trading following the earnings release.
The company reported fourth quarter adjusted earnings per share of $0.02, topping the analyst consensus of $0.01. Revenue for the quarter came in at $291.7 million, exceeding estimates of $279.53 million and representing a 19% year-over-year increase.
For the full year 2024, Hagerty saw total revenue rise 20% to $1.2 billion. Written premium grew 15% to $1.04 billion, while the company added a record 279,000 new members.
"2024 was another excellent year at Hagerty with 20% revenue growth fueled by a record 279,000 new members," said McKeel Hagerty, CEO and Chairman. "We are also investing to improve Hagerty and become more efficient in how we deliver on our brand promise to members and maintain our industry leading net promoter score of 82."
Looking ahead, Hagerty provided 2025 revenue guidance of $1.34-1.35 billion, slightly below the consensus estimate of $1.36 billion. The company expects written premium growth of 13-14% and net income growth of 30-40% in 2025.
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