Global reinsurance company Everest Group (NYSE: EG) will be reporting earnings this Wednesday after market close. Here’s what investors should know.
Everest Group missed analysts’ revenue expectations last quarter, reporting revenues of $3.96 billion, down 11.8% year on year. It was a softer quarter for the company, with a significant miss of analysts’ net premiums earned estimates.
Is Everest Group a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Everest Group’s revenue to decline 12.1% year on year, a deceleration from its flat revenue in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Everest Group has missed Wall Street’s revenue estimates multiple times over the last two years.
Looking at Everest Group’s peers in the insurance segment, some have already reported their Q3 results, giving us a hint as to what we can expect. RLI delivered year-on-year revenue growth of 5.3%, beating analysts’ expectations by 0.5%, and Travelers reported flat revenue, topping estimates by 0.7%. RLI traded up 2.5% following the results while Travelers’s stock price was unchanged.
Read our full analysis of RLI’s results here and Travelers’s results here.
There has been positive sentiment among investors in the insurance segment, with share prices up 5.7% on average over the last month. Everest Group is up 7.5% during the same time and is heading into earnings with an average analyst price target of $409.81 (compared to the current share price of $397.66).
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