Global reinsurance company Everest Group (NYSE: EG) will be reporting earnings this Wednesday after the bell. Here’s what to expect.
Everest Group missed analysts’ revenue expectations last quarter, reporting revenues of $4.42 billion, down 4.6% year on year. It was a softer quarter for the company, with a significant miss of analysts’ EPS estimates and a miss of analysts’ revenue 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 be flat year on year, slowing from the 3.1% increase it recorded 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 to 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 Q1 results, giving us a hint as to what we can expect. Stewart Information Services delivered year-on-year revenue growth of 27.7%, beating analysts’ expectations by 4.7%, and First American Financial reported revenues up 16.2%, topping estimates by 2.4%. Stewart Information Services traded up 3.9% following the results while First American Financial was also up 3.5%.
Read our full analysis of Stewart Information Services’s results here and First American Financial’s results here.
There has been positive sentiment among investors in the insurance segment, with share prices up 6.7% on average over the last month. Everest Group is up 6.4% during the same time and is heading into earnings with an average analyst price target of $371.53 (compared to the current share price of $343.88).
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