ORI - Old Republic Q2 results mixed as earnings above consensus revenue falls short
2023-07-27 10:51:24 ET
Old Republic International ( NYSE: ORI ) stock dipped 1.8% in Thursday morning trading as Q2 total operating revenues of $1.83B, trailing the average analyst estimate of $1.93B, advanced from $1.73B in Q1 and fell from $2.13B a year before.
Net premiums and fees earned were $1.65B, up from $1.56B in Q1 and down 16.8% Y/Y.
Total operating expenses stood at $1.60B vs. $1.51B in Q1 and $1.87B in Q2 2022.
Adjusted EPS of $0.63 , vs. $0.55 consensus, rose from $0.61 in the prior quarter and slipped from $0.69 in the year-earlier period.
Combined ratio came in at 92.6%, down slightly from 92.7% in Q1 and up from 90.9% in Q2 of last year.
Book value per share grew to $21.78 at June 30, 2023, from $21.07 at year-end 2022, reflecting the addition of operating earnings less shareholder dividends.
Earlier, Old Republic Non-GAAP EPS of $0.63 beats by $0.08, revenue of $1.83B misses by $100M .
More on Old Republic:
- Old Republic International: Strong Addition To A Dividend Portfolio
- Old Republic International Remains Attractive, In Spite Of Trading Near Its All-Time High
- Old Republic lands Neutral rating as Piper sees profit headwinds
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Old Republic Q2 results mixed as earnings above consensus, revenue falls short