Neptune Insurance Q3 net income jumps 50% on strong premium growth

Neptune Insurance Holdings

Tue 21:32

Overview
US insurance platform's Q3 revenue rose 34% yr/yr to record high
Net income for Q3 grew 50% yr/yr to record level
Adjusted net income for Q3 rose 52% yr/yr

Outlook
Company did not provide specific financial guidance for the current or future periods in the press release

Result Drivers
WRITTEN PREMIUM - Co said Q3 written premium grew 31% yr/yr to record $132.7 mln
NEW BUSINESS SALES - Co reported record new business sales in Q3

Company press release: ID:nBw8MbxHWa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q3 Revenue
 
$59.57 mln
 
Q3 Net Income
 
$17.26 mln
 
Q3 Adjusted EBITDA
 
$36.76 mln
 
Q3 Adjusted EBITDA Margin
 
61.70%
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 6 "hold" and no "sell" or "strong sell"
The average consensus recommendation for the multiline insurance & brokers peer group is "hold."
Wall Street's median 12-month price target for Neptune Insurance Holdings Inc. is $33.50, about 14.3% above its October 19 closing price of $29.30
The stock recently traded at 46 times the next 12-month earnings vs. a P/E of 54 three months ago

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For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)