Verisk Q1 Results Top Estimates; Backs FY24 Outlook
(RTTNews) - Verisk Analytics, Inc. (VRSK), a data analytics and technology provider, reported Wednesday that net income attributable to Verisk for the first quarter soared to $219.6 million or $1.52 per share from $56.3 million or $0.37 per share in the prior-year quarter.
Income from continuing operations increased to $1.52 per share from $1.27 per share last year. Excluding items, adjusted earnings from continuing operations for the quarter were $1.63 per share, compared to $1.29 per share in the year-ago quarter.
Revenues for the quarter grew 8.0 percent to $704.0 million from $651.6 million in the same quarter last year. It was also up 6.9 percent on an organic constant currency basis.
On average, analysts polled by Thomson Reuters expected the company to report earnings of $1.53 per share on revenues of $699.06 million for the quarter. Analysts' estimates typically exclude special items.
Looking ahead to fiscal 2024, the company continues to project adjusted earnings in a range of $6.30 to $6.60 per share, on revenues between $2.84 billion and $2.90 billion.
The Street is currently looking for earnings of $6.51 per share on revenues of $2.88 billion for the year.
Last week, the company's Board of Directors approved a 15 percent higher cash dividend of 39 cents per share of common stock issued and outstanding, payable on June 28, 2024, to holders of record as of June 15, 2024.
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