Verisk (Nasdaq:VRSK), a leading data analytics provider, has announced results for the quarter ended June 30, 2019.
- Consolidated revenue was $653 million for the second quarter of 2019, up 8.5%, and up 7.2% on an organic constant currency (OCC) basis.
- Net income was $150 million for the second quarter of 2019, down 2.0%. Adjusted EBITDA, a non-GAAP measure, was $304 million, up 5.7%, and up 5.2% on an OCC basis.
- Diluted earnings per share (diluted EPS) were $0.90 for the second quarter of 2019; diluted adjusted earnings per share (adjusted EPS), a non-GAAP measure, were $1.10.
- Net cash provided by operating activities was $200 million for the second quarter of 2019, down 3.4%. Free cash flow, a non-GAAP measure, was $153 million, up 1.5%.
- The company paid a cash dividend of 25 cents per share on June 28, 2019. The company’s Board of Directors approved a cash dividend of 25 cents per share on July 24, 2019, for the third quarter of 2019.
- The company repurchased $50 million of its shares for the quarter ended June 30, 2019.
Scott Stephenson, chairman, president, and CEO, said, “I’m pleased to report another quarter of solid growth for Verisk, driven by strength in our Insurance segment and improvement in Financial Services. We’re well positioned to continue to execute on our strategies to drive long-term growth, as engagement with our customers and among our employees continues to be at a very high level.”
Lee Shavel, CFO and executive vice president, said, “Verisk delivered organic constant currency revenue growth of 7.2% and organic constant currency adjusted EBITDA growth of 7.3% when normalizing for the timing shift related to the expensing of stock-based compensation. We continue to focus on prudent capital management and are balancing internal investment, strategic acquisitions, and the return of capital to shareholders through dividends and share repurchases.”
Source: Verisk Earnings Release