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Verisk Analytics Inc on Wednesday reiterated its growth forecast for the full year, following a successful first quarter in which the company boosted its net income and revenue.
For the three months ended March 31, the Jersey City-based data analytics provider posted net income of $219.4 million, up from $56.4 million a year prior. Diluted net income per share was $1.52, up from $0.37.
Revenue was up 8.0% to $704.0 million from $651.6 million the previous year. Of this, underwriting revenue rose 8.2% to $498 million from $461 million, while claims revenue rose 7.6% to $206 million from $191 million.
Adjusted earnings before interest, tax, depreciation and amortisation rose 12% to $380 million from $340 million, which Verisk attributed to ‘strong revenue growth’ as well as ‘cost discipline’.
The firm declared an unchanged quarterly dividend of 39 cents per share.
‘I am very pleased to share that 2024 is off to a solid start at Verisk. We are executing our growth strategy with our powerful economic model that creates value through investment in data, new technologies, and strategic engagement with our clients across the entire insurance ecosystem,’ said Chief Executive Officer Lee Shavel.
Looking ahead to its full-year results, Verisk forecast between $2.84 and $2.90 billion in revenue, $1.54 to $1.60 billion in adjusted Ebitda, and $6.30 to $6.60 in diluted adjusted EPS.
In 2023, the company delivered $2.68 billion in revenue, $1.43 billion in adjusted Ebitda, and $5.71 in diluted adjusted EPS.
Shares in Verisk were flat in New York pre-market dealings, having closed down 1.8% at $217.96 each on Tuesday.
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