Palomar Holdings (NASDAQ:PLMR) Full Year 2024 Results

Key Financial Results

• Revenue: US$553.9m (up 47% from FY 2023).
• Net income: US$117.6m (up 48% from FY 2023).
• Profit margin: 21% (in line with FY 2023).
• EPS: US$4.61 (up from US$3.19 in FY 2023).

PLMR Profitability Indicators

• Combined ratio: 78.1% (up from 76.6% in FY 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Palomar Holdings Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 1.3%. Earnings per share (EPS) also surpassed analyst estimates by 4.2%.

In the last 12 months, the only revenue segment was Earthquake, Wind, and Flood Insurance Products contributing US$553.9m. Notably, cost of sales worth US$401.5m amounted to 72% of total revenue thereby underscoring the impact on earnings. The most substantial expense, totaling US$34.8m were related to Non-Operating costs. This indicates that a significant portion of the company's costs is related to non-core activities. Explore how PLMR's revenue and expenses shape its earnings.

Looking ahead, revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in the US.

The company's shares are up 13% from a week ago.

Risk Analysis

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.