Kingstone Companies, Inc. announced its third-quarter 2024 financial results, reporting a net income of $7 million. This represents a significant turnaround from a loss in the prior year, highlighting the company's successful execution of its strategic transformation.
The company achieved revenue of $40.8 million for the quarter, marking a 19% increase compared to the third quarter of the previous year. This growth was accompanied by a GAAP earnings per share (EPS) of $0.50, a substantial improvement from the ($0.27) EPS reported in the same period last year.
This quarter's performance extends Kingstone's streak to four consecutive profitable quarters. The consistent profitability demonstrates the effectiveness of the company's operational adjustments and disciplined underwriting approach in its core New York market.
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