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Verisk Analytics Boosts FY23 Outlook As Q2 Results Top Estimates

RTTNews | 1147 days ago

Verisk Analytics Boosts FY23 Outlook As Q2 Results Top Estimates

(RTTNews) - Verisk Analytics, Inc. (VRSK), a data analytics and technology provider, reported Wednesday that net income attributable to Verisk for the second quarter was $196.9 million or $1.35 per share, compared to $197.7 million or $1.24 per share in the prior-year quarter.

Income from continuing operations increased to $1.41 per share from $1.09 per share last year. Excluding items, adjusted earnings for the quarter were $1.51 per share, compared to $1.27 per share in the year-ago quarter.

Revenues for the quarter grew 10.1 percent to $675.0 million from $612.8 million in the same quarter last year. It was also up 9.8 percent on an organic constant currency basis.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $1.41 per share on revenues of $654.49 million for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2023, the company now projects adjusted earnings in a range of $5.50 to $5.70 per share, on revenues between $2.63 billion and $2.66 billion.

Previously, the company expected adjusted earnings in a range of $5.20 to $5.50 per share, on revenues between $2.59 billion and $2.63 billion.

The Street is currently looking for earnings of $5.53 per share on revenues of $2.63 billion for the year.

Last week, the company's Board of Directors approved a cash dividend of 34 cents per share of common stock issued and outstanding, payable on September 29, 2023, to holders of record as of September 15, 2023.

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