(Adds Dividend, Outlook)
Essent Group Ltd. (ENB.TO) has increased its quarterly dividend by 3 percent to C$0.9425 per share, or C$3.77 on an annualized basis, commencing with the dividend that will be paid on March 1, to shareholders of record on February 14.
Looking ahead, for the full year, the company has reaffirmed its adjusted EBITDA guidance of $19.4 billion to $20 billion and distributable cash flow per share of $5.50 to $5.90.
The Group has also reaffirmed its 2023-26 near-term growth outlook of 7 to 9 percent for adjusted EBITDA, 4 to 6 percent for adjusted earnings per share, and around 3 percent for DCF per share growth.
Q4 Results:
Essent Group reported earnings for fourth quarter that decreased from last year and missed the Street estimates.
The company's bottom line came in at $167.900 million, or $1.58 per share. This compares with $175.367 million, or $1.64 per share, last year.
Analysts on average had expected the company to earn $1.65 per share. Analysts' estimates typically exclude special items.
The company's revenue for the period rose 6.0% to $315.027 million from $297.277 million last year.
Essent Group Ltd. earnings at a glance (GAAP) :
-Earnings: $167.900 Mln. vs. $175.367 Mln. last year.
-EPS: $1.58 vs. $1.64 last year.
-Revenue: $315.027 Mln vs. $297.277 Mln last year.
For the fourth quarter, Essent Group posted net premiums earned of $244.465 million, compared with $245.614 million recorded for the same period last year.
The company will pay a quarterly cash dividend of $0.31 per share on March 24 to shareholders of record as of March 14.
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