NYSE$HGTY
Hagerty Inc · Q2 2023 earnings
Q2 2023 earnings · · Investor relations
Briefing
Hagerty's total revenue grew and operations were streamlined to enhance profitability.
Hagerty reported a 28% increase in total revenue during the first six months of 2023. The company is focused on streamlining operations to enhance profitability and is on a path to becoming leaner and stronger.
- Hagerty is the biggest provider of specialty insurance for the collectible car market, insuring more than 2 million vehicles.
- Hagerty's retention rate allows them to begin each year with nearly 90% of their revenue secured.
- Hagerty has become a full spectrum automotive lifestyle provider through Hagerty Drivers Club, live and digital auctions, and event and automotive media portfolios.
- Hagerty expects to commence offering the State Farm Classic+ program and Hagerty Drivers Club in four states during the fall of 2023.
Headline financials
Revenue & EPS history
Hagerty · Revenue · Quarterly
$261M
Revenue by segment
Hagerty · $152M total across 2 segments · Q1 2022
- Earned premium$89.1M—58.8%
- Commission & fee$62.5M—41.2%
Forward guidance
Hagerty is integrating their systems with State Farm to prepare for the launch of their commercial partnership, which is expected to commence in the fall of 2023.
Tailwinds
- Increase scale and profitability
- Drive significant growth in State Farm’s Classic book of business
- Saving State Farm's customers money
- Providing excellent Hagerty service
- Improving membership experience
Headwinds
- Uncertain economic environment
- Reshaping business practices to align with vision for the future
- Adjusting sails
- Making select technology investments
- Requires collaboration
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2023
+1.3%
Avg return
Earnings day
+1.1%
Avg return
5 days after
+6.2%
Avg return
30 days after
58%
11 / 19 earnings
Positive
+10.0%
Q3 2023
Best reaction
-5.5%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -2.1% | -2.8% | +0.8% | |
| Q4 2025 | +4.3% | -8.9% | -10.6% | |
| Q3 2025 | -1.8% | +10.1% | +12.8% | |
| Q1 2025 | +7.0% | +6.0% | +12.8% | |
| Q4 2024 | -0.9% | -2.4% | -12.7% | |
| Q3 2024 | -5.5% | -5.8% | -5.9% | |
| Q2 2024 | -4.8% | -2.5% | +7.7% | |
| Q1 2024 | +1.7% | -2.2% | +8.5% | |
| Q4 2023 | +0.1% | -5.6% | -5.2% | |
| Q3 2023 | +10.0% | +9.2% | +10.1% | |
| Q2 2023 | +0.1% | +7.9% | +1.2% | |
| Q1 2023 | +5.1% | -2.3% | +1.1% | |
| Q4 2022 | -0.4% | +6.9% | +7.1% | |
| Q3 2022 | +7.6% | +1.5% | -1.5% | |
| Q2 2022 | +3.6% | +18.8% | +1.9% | |
| Q1 2022 | +1.3% | +10.7% | +32.7% | |
| Q4 2021 | -0.7% | -17.3% | -29.3% | |
| Q3 2021 | -0.1% | +0.0% | +82.9% | |
| Q2 2021 | +0.5% | -1.0% | +2.8% | |
| Q1 2021 | — | — | — | |
| Q4 2020 | — | — | — |
Discussion
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