Hagerty, Inc. (HGTY) Misses Q3 Earnings Estimates

Company Performance - Hagerty, Inc. (HGTY) reported quarterly earnings of $0.05 per share, missing the Zacks Consensus Estimate of $0.08 per share, representing an earnings surprise of -37.50% [1] - The company posted revenues of $323.37 million for the quarter ended September 2024, surpassing the Zacks Consensus Estimate by 1.67%, compared to year-ago revenues of $275.57 million [2] - Over the last four quarters, Hagerty has surpassed consensus EPS estimates two times and topped consensus revenue estimates three times [2] Stock Movement and Outlook - Hagerty shares have increased approximately 53.2% since the beginning of the year, outperforming the S&P 500's gain of 24.3% [3] - The company's earnings outlook, including current consensus earnings expectations for upcoming quarters, will be crucial for future stock performance [4] - The current consensus EPS estimate for the coming quarter is $0.01 on revenues of $279.42 million, and $0.26 on revenues of $1.18 billion for the current fiscal year [7] Industry Context - The Automotive - Retail and Wholesale - Parts industry, to which Hagerty belongs, is currently ranked in the bottom 17% of over 250 Zacks industries, indicating potential challenges ahead [8] - Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can impact Hagerty's stock performance [5][6]