Hagerty, Inc. (HGTY) Q2 Earnings and Revenues Surpass Estimates

Company Performance - Hagerty, Inc. (HGTY) reported quarterly earnings of $0.12 per share, exceeding the Zacks Consensus Estimate of $0.09 per share, and up from $0.05 per share a year ago, representing an earnings surprise of 33.33% [1] - The company posted revenues of $313.23 million for the quarter ended June 2024, surpassing the Zacks Consensus Estimate by 0.19%, compared to year-ago revenues of $261.24 million [2] - Over the last four quarters, Hagerty has surpassed consensus EPS estimates three times and topped consensus revenue estimates three times [2] Stock Performance - Hagerty shares have increased approximately 35.1% since the beginning of the year, significantly outperforming the S&P 500's gain of 8.7% [3] - The current consensus EPS estimate for the upcoming quarter is $0.08 on revenues of $317.47 million, and for the current fiscal year, it is $0.23 on revenues of $1.18 billion [7] Industry Outlook - The Automotive - Retail and Wholesale - Parts industry, to which Hagerty belongs, is currently ranked in the bottom 20% of over 250 Zacks industries, indicating potential challenges ahead [8] - The performance of Hagerty's stock may be influenced by the overall outlook for the industry, as research shows that the top 50% of Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1 [8]