Goosehead revenue up 16% on premium growth
Goosehead Insurance collected 90.4 million dollars in the three months that ended on Sept. 30 after written premiums rose 15 percent to 1.2 billion dollars. The Texas company kept 85 percent of its customers and grew policies to 1.85 million as it hired more producers. Net income reached 12.7 million dollars while adjusted earnings before interest and taxes climbed to 29.7 million dollars from 26.1 million dollars one year earlier.
Chief executive Mark Miller said the firm signed a partnership with a major mortgage lender and bought back 58.7 million dollars in stock. Operating costs jumped to 69.2 million dollars as the business added technology workers and corporate agents. Goosehead finished the quarter with 51.6 million dollars in cash and 75 million dollars available through its credit line.
The company expects to place between 4.38 billion dollars and 4.65 billion dollars in premiums for the full year. Management borrowed 300 million dollars through a term loan and paid a special dividend of 5.91 dollars per share to investors in January.
