Heritage Insurance reports Q1 EPS 99c with items, consensus 45c

Reports Q1 revenue $211.52M, consensus $213.68M. Q1 EPS included a net pre-tax impact of $31.8M of net losses and loss adjustment expenses related to the California wildfires. “Our Q1 results have once again demonstrated the resilience of our business model as a property insurer operating in catastrophe exposed geographies,” remarked Ernie Garateix, Heritage CEO. “The Q1 marked the third consecutive quarter in which Heritage was impacted by significant catastrophe losses and also generated returns to shareholders. We have worked diligently over the past several years to provide our insureds with quality customer service and an efficient and thorough claims handling experience, while improving our underlying portfolio with disciplined underwriting and appropriate rates to deliver shareholder value. We believe the momentum in our business will continue as we enter the next phase of our strategy focused on controlled growth.”