PRCH Beats Q2 EPS, Sales Estimates

PRCH Porch Group Q2 EPS $0.05 Beats $(0.03) Estimate, Sales $140.882M Beat $124.026M Estimate Consolidated revenue was $140.9 million, up 12% YoY.

Porch-Owned Segments Revenue (Excluding Reciprocal)1, representing the revenue contributions across the Porch-owned businesses, was $131.8 million, up 23% YoY, led by Insurance Services revenue of $92.9 million, up 38% YoY.

Net income attributable to Porch was $5.6 million.

Adjusted EBITDA (Excluding Reciprocal)1 of $39.1 million grew 150% YoY, largely driven by $139.8 million of Reciprocal Written Premium ("RWP").

Consolidated gross profit was $87.6 million.

Porch-Owned Segments Gross Profit (Excluding Reciprocal)1, representing the gross profit contributions across the Porch-owned businesses, grew 25% YoY to $111.6 million.