Platinum Underwriters Holdings Ltd. (NYSE:PTP) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 0.47%.
Platinum Underwriters Holdings Ltd. Earnings Cheat Sheet
Results: Adjusted Earnings Per Share increased 182.8% to $2.63 in the quarter versus EPS of $0.93 in the year-earlier quarter.
Revenue: Decreased 15.12% to $159.2 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Platinum Underwriters Holdings Ltd. reported adjusted EPS income of $2.63 per share. By that measure, the company beat the mean analyst estimate of $1.38. It beat the average revenue estimate of $159.07 million.
Quoting Management: Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable prior period development, the absence of major catastrophe activity and active capital management. Our book value per common share grew to $60.23 as of March 31, 2013, an increase of 4.0% from December 31, 2012.”
Key Stats (on next page)…
Revenue decreased 14.17% from $185.49 million in the previous quarter. EPS decreased 17.55% from $3.19 in the previous quarter.
Looking Forward: Analysts have a more positive outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings has risen from a profit of $1.06 to a profit $1.17. For the current year, the average estimate has moved up from a profit of $4.04 to a profit of $4.24 over the last ninety days.
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(Company fundamentals provided by Xignite Financials. Email any earnings discrepancies to earnings [at] wallstcheatsheet.com)