EverQuote (NASDAQ: EVER) stock is surging in Tuesday’s trading. The company’s share price was up 48.7% as of 11:25 a.m. ET. The S&P 500 was up 0.7% at the same point in the session, and the Nasdaq Composite had risen 0.9%.
EverQuote’s valuation is roaring higher following the company’s latest quarterly report, which was published after the market closed yesterday. In addition to sales and earnings that topped Wall Street’s forecasts, the company issued guidance for robust growth in the current quarter.
Image source: Getty Images.
EverQuote just served up a blockbuster business update.
EverQuote (EVER +51.61%) stock is surging in Tuesday’s trading. The company’s share price was up 48.7% as of 11:25 a.m. ET. The S&P 500 was up 0.7% at the same point in the session, and the Nasdaq Composite had risen 0.9%.
EverQuote’s valuation is roaring higher following the company’s latest quarterly report, which was published after the market closed yesterday. In addition to sales and earnings that topped Wall Street’s forecasts, the company issued guidance for robust growth in the current quarter.
Image source: Getty Images.
EverQuote crushed expectations in Q1
In the first quarter, EverQuote posted earnings of $0.51 per share on revenue of $190.85 million. The company’s sales were up 14.6% year over year and beat the average analyst estimate by $10.7 million. Earnings per share beat the average analyst forecast by $0.07.
The company’s automotive insurance business grew 13% year over year to reach $172.4 million, and home-and-renters insurance sales were up 33% year over year to $18.5 million. Meanwhile, net income for the period came in at $18.7 million — up from $8 million in last year’s quarter.
EverQuote
Today’s Change
(51.61%) $7.54
Current Price
$22.15
EverQuote’s forward guidance looked even better
With guidance for sales in the second quarter to come in between $185 million and $195 million, EverQuote’s midpoint target calls for year-over-year revenue growth of roughly 21%. That growth rate represents a substantial sequential quarterly increase, and the company’s target range came in significantly better than the average analyst estimate’s call for sales of $180.5 million in the period.
EverQuote
Today’s Change
(51.61%) $7.54
Current Price
$22.15
Meanwhile, the company is targeting non-GAAP (adjusted) earnings before interest, taxes, depreciation, and amortization (EBITDA) between $28 million and $30 million — good for growth of 32% year over year at the midpoint. With the company’s sales and earnings outlook coming in far better than previously anticipated, investors are rerating the stock today.
