Hagerty, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 08, 2023 at 07:20 am
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Hagerty, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported sales was USD 139.79 million compared to USD 107.49 million a year ago. Revenue was USD 275.57 million compared to USD 216.76 million a year ago. Net income was USD 5.35 million compared to USD 14.71 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.18 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.07 a year ago.
For the nine months, sales was USD 384.5 million compared to USD 290.72 million a year ago. Revenue was USD 755.17 million compared to USD 590.59 million a year ago. Net income was USD 5.66 million compared to USD 36.69 million a year ago. Basic earnings per share from continuing operations was USD 0.04 compared to USD 0.44 a year ago. Diluted earnings per share from continuing operations was USD 0.04 compared to USD 0.03 a year ago.
Hagerty, Inc. is an automotive enthusiast brand and specialty vehicle insurance provider. The Company is a provider of specialty vehicle insurance, expert car valuation data and insights, live and digital car auction services, immersive events and automotive entertainment custom made for the Americans who self-describe as car enthusiasts. Through its insurance model, the Company acts as a Managing General Agent (MGA) by underwriting, selling, and servicing classic car and enthusiast vehicle insurance policies. In addition, the Company offers Hagerty Drivers Club (HDC) memberships, which can be bundled with its insurance policies and give subscribers access to an array of products and services, including Hagerty Drivers Club Magazine, automotive enthusiast events, its proprietary vehicle valuation tool, emergency roadside assistance, and special vehicle-related discounts. The Company provides insurance for approximately 2.4 million classic cars and enthusiast vehicles.
HAGERTY, INC. 
