Greenlight Cap. Re. Up 3.09% To $12.33 After Earnings Beat

Wednesday, March 6, 2024 - Greenlight Cap. Re. (GLRE) reported upside earnings and revenues today.

Greenlight Cap. Re.'s earnings came in at an EPS of $0.5 per share, 19.00% higher than estimates for an EPS of $0.42 per share. The firm's earnings are down 45% since reporting $0.91 per share in the same period a year ago.

Greenlight Cap. Re. Q4 2023 revenue came in at $155.5 million. The company achieved 7% growth year-over-year compared to the firm's revenue of $145.5 million from the year-ago quarter. The lower earnings growth relative to revenue signals Greenlight Cap. Re. has not been able to improve its profit margin.

The stock is up 3.09% to $12.33 after the report.

Despite revenues increasing, earnings decreased, signaling a decline in profit margins.

The average recommendation from Wall Street analysts was a Hold which may get revised based on this new data.

InvestorsObserver gives the stock a Bearish Sentiment score at the moment based on recent trading.

Prior to the report, InvestorsObserver gave the stock an overall score of 42. Meanwhile, the average Wall Street analyst rated the stock a Hold.

Greenlight Capital Re Ltd offers property and casualty reinsurance. Its customers are property and casualty insurers, and Greenlight takes on some of their risk in exchange for insurance premiums. It operates through one operating segment: property and casualty reinsurance. It generates revenue through premiums from reinsurance on property and casualty business assumed, and income from investments. Most of the revenue generated from policies written in the United States and the Caribbean.