Verisk Analytics, Inc., a provider of data analysis and technology, announced that their net earnings for the first fiscal quarter rose sharply to $219.6 million, or $1.52 per share, up from $56.3 million, or $0.37 per share, during the same period last year.
The company's income from ongoing operations also saw an increase, moving from $1.27 per share the previous year to $1.52 per share. When accounting for specific factors, the adjusted earnings from ongoing operations for the quarter were $1.63 per share, a noteworthy climb from $1.29 per share during the same quarter the previous year.
Quarterly profits increased by 8.0 percent to $704.0 million, compared to $651.6 million during the same quarter last year. This also represents a 6.9 percent growth on an organic constant currency basis.
On average, Thomson Reuters' analysts had anticipated the company would report earnings of $1.53 per share on revenues of roughly $699.06 million for the quarter, typically not considering unique items.
In terms of projections for fiscal 2024, the company is still forecasting adjusted earnings between $6.30 to $6.60 per share, and revenues of between $2.84 billion and $2.90 billion.
Current industry projections indicate anticipated earnings of $6.51 per share on revenues amounting to $2.88 billion for the year.
Last week, Verisk Analytics' Board of Directors approved a higher cash dividend—a 15 percent increase to 39 cents per share, to be disbursed on June 28, 2024, to those holding recorded stock as of June 15, 2024.
