Verisk Q2 Profit Drops 10% as Costs Surge; Acquires McKenzie Intelligence
VRSK sits 31% above its 52-week low of $155.94.
Summary
Verisk's Q2 net income fell 9.8% to $228.6M, with EPS of $1.75 missing last year's $1.81, as higher interest costs, taxes, and a litigation reserve weighed on results. Revenue rose 4.4% to $806M, driven by 3.5% growth in underwriting and 6.3% in claims. The company also announced the acquisition of McKenzie Intelligence Services, adding real-time catastrophe and conflict event analysis capabilities. This follows an earlier earnings report today, but adds granularity on cost pressures and the strategic acquisition. Shares fell about 1% premarket, extending a 5% year-to-date decline.
At the time of this announcement, VRSK was trading at $204.39 on NASDAQ in the Technology sector, with a market capitalization of approximately $27.8B. The 52-week trading range was $155.94 to $300.94. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.