Slide Lifts Full-Year Net Income Outlook to $500-520M After 24.5% Q3 Profit Growth
SLDE sits 87% above its 52-week low of $15.11.
Summary
Slide posted Q3 net income of $138.2 million, up 24.5% from $111.0 million a year ago, with diluted EPS of $1.09 versus $0.79. Gross premiums written rose 9.3% to $506.6 million and total revenue jumped 35.9% to $361.1 million. The combined ratio deteriorated to 59.3% from 48.5% because of $34.2 million of Florida convective storm catastrophe losses that were largely absent a year earlier, partly offset by favorable prior-period reserve development of $18.0 million. The bigger news is guidance: management raised full-year net income to $500-520 million from $455-470 million, even after budgeting up to $50 million of pre-tax Hurricane Isaias losses in Q4, and lifted the low end of its gross written premium range to $1.90-1.95 billion. Slide also closed a new $1.07 billion credit facility, roughly double the $530.4 million it replaces, giving it more room to fund growth. The $1.50 special dividend and $0.07 quarterly payout were announced separately today. Earnings call is tomorrow, October 28, at 8:30 am ET.
At the time of this announcement, SLDE was trading at $28.32 on NASDAQ in the Finance sector, with a market capitalization of approximately $3.3B. The 52-week trading range was $15.11 to $29.15. This news item was assessed with positive market sentiment and an importance score of 8 out of 10. Source: GlobeNewswire.