International General Insurance Up 3.25% To $13.03 After Earnings Miss

International General Insuranc Hldgs Ltd (IGIC) missed earnings projections on 3/12/2024 for Q4 2023.

Wall Street earnings per share (EPS) projections for International General Insurance were at $0.71. The company missed those estimates with an EPS of $0.65. The earnings per share of $0.65 (which represents a -8% EPS surprise) led to the company's profits rising 132% compared to last year when the firm reported an EPS of $0.28. The increase in International General Insurance's annual growth rate represents how the business is performing well amid recent economic conditions.

Analyst projections for International General Insurance revenue came in at a consensus of $191.3 million. Fourth-Quarter revenues missed estimates for $114.9 million by $76.4 million (40%). The company achieved 18% growth year-over-year compared to the firm's revenue of $97 million from the year-ago quarter. The higher earnings growth relative to revenue signals International General Insurance has improved its profit margin.

The stock is up 3.25% to $13.03 after the report.

The firm's lower revenue growth to earnings signals that the firm has been able to reduce costs and improve its profit margin overall.

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

Trading in the five days leading up to the report earned International General Insurance a Bearish Sentiment Rank from InvestorsObserver.

Prior to the report, InvestorsObserver gave the stock an overall score of 61. Meanwhile, the average Wall Street analyst rated the stock a Strong Buy.

International General Insurance Holdings Ltd is an international specialist commercial insurer and reinsurer, underwriting a diverse portfolio of specialty lines. The company operates in a portfolio of Energy, Property, Construction, Engineering, Ports and Terminal, Financial Institutions, General Aviation, Professional Indemnity, Casualty, Directors and Officers, Political Violence, Forestry, and Treaty Reinsurance. Its operating segment includes Specialty Longtail; Specialty Short tail and Reinsurance. The company generates maximum revenue in the United Kingdom.