Publicly traded independent personal lines insurance agency, Goosehead Insurance Inc., headquartered in Westlake, Texas, has reported a loss of $156,000 for the first quarter of 2020, with revenues of $20.4 million. The loss translates to a 1 cent loss on a per share basis.
Core revenues came in at $18.2 million for Q1 2020, the company said.
Beginning with the fourth quarter and full year 2019, the Goosehead began reporting results under accounting standard ASC 606, a change from its previous reporting under ASC 605.
Total written premiums placed increased 46% from the prior-year period to $214 million and policies in force grew 45% from the prior-year period to 530,000.
The number of the company’s franchises also increased for the period, year over year, to 1,012, or by 45%. Total operating franchises grew 36% compared to the prior-year period to 679.
The company said it expects revenue for 2020 between $100 million and $105 million.
Goosehead shares rose 32% in the first three months of 2020 and 89% in the last 12 months.
Source: Goosehead Insurance Inc.
Topics Texas Profit Loss
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