Florida’s HCI Group Reports Another Healthy Quarter

TAMPA, Fla. (AP) — HCI Group Inc. (HCI) on Wednesday reported first-quarter profit of $47.6 million, which follows a $38 million profit for Q4 2023.

The Tampa-based company said it had profit of $3.81 per share. Earnings, adjusted for non-recurring gains, were $3.65 per share.

The results beat Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.74 per share.

The property and casualty insurance holding company posted revenue of $206.6 million in the period, which also topped Street forecasts. Three analysts surveyed by Zacks expected $189.2 million.