Heritage Insurance reports Q1 EPS $1.19, consensus $1.53

Reports Q1 revenue $212.66M, consensus $215.39M. Ernie Garateix, Heritage’s CEO, commented, “Our first quarter was the most profitable first quarter for the Company since becoming public in 2014. Our net loss ratio was also the lowest delivered in a first quarter since 2015 even with $37 million of weather related losses in the quarter. These results were derived from the consistent application of our strategic profitability initiatives established several years ago that focused on rate adequacy and underwriting discipline, allocating capital to products and geographies that maximize long-term returns, and targeting a balanced and diversified portfolio.”