Goosehead Insurance slides after Q4 profit miss

Goosehead Insurance

22/02/2024 15:43

** Shares of Goosehead Insurance  GSHD.O  fall ~21% to $69
in morning trade
    ** After market close on Wednesday, GSHD reported Q4
adjusted profit of 28 cents/shr vs analysts' expectations of 33
cents/shr - LSEG
    ** Q4 revenue came in at $63 mln, also missing estimates of
$68.3 mln
    ** GSHD forecast 2024 total revenue to be between $310 mln
and $320 mln, the midpoint of which is below expectations of
$316.4 mln
    ** GSHD's 2024 revenue guidance was below expected growth
due to timing of renewal and contingent commissions, which
should materially rise in 2025 - TD Cowen analysts
    ** Co appointed Mark Miller as its CEO effective July 1,
replacing Mark Jones, who will transition to executive chairman
    ** Stock more than doubled in 2023

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))