American Coastal: Q4 Earnings Snapshot

SAINT PETERSBURG, Fla. (AP) — SAINT PETERSBURG, Fla. (AP) — American Coastal Insurance Corporation (ACIC) on Thursday reported fourth-quarter net income of $14.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Saint Petersburg, Florida-based company said it had net income of 31 cents. Earnings, adjusted to account for discontinued operations and non-recurring costs, were 39 cents per share.

The property and casualty insurance company posted revenue of $58.2 million in the period.

For the year, the company reported net income of $309.9 million, or $6.98 per share, swinging to a profit in the period. Revenue was reported as $286.5 million.

American Coastal shares have climbed 47% since the beginning of the year. In the final minutes of trading on Thursday, shares hit $13.94, increasing sevenfold in the last 12 months.


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