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Heritage Insurance swings to adjusted earnings in Q4'17

Heritage Insurance Holdings Inc. reported fourth-quarter 2017 adjusted net income of $30.3 million, or $1.23 per share, versus an adjusted net loss of $2.9 million, or a loss of 9 cents per share, in the year-ago period.

The company had a fourth-quarter 2017 net loss of $5.0 million, or a loss of 18 cents per share, compared with a net loss of $2.9 million, or a loss of 9 cents per share, in the prior-year quarter.

The company saw a total comprehensive loss of $7.7 million in the fourth quarter of 2017, compared with a loss of $12.0 million in the fourth quarter of 2016. Total revenue for the quarter came in at $108.6 million, up from $102.8 million, in the year-ago quarter.

For full year 2017, Heritage Insurance reported adjusted net income of $41.1 million, or $1.53 per share, up from $33.9 million, or $1.14 per share, in 2016.

The company had a net loss of $1.1 million, or a loss of 4 cents per share, for 2017, compared with net income of $33.9 million, or $1.14 per share, in 2016.

The company saw total comprehensive income of $835,000 in 2017, down from $30.9 million in the previous year. Total revenue for the year was $406.6 million, down from $439.0 million in 2016.