HCI Group, Inc. (NYSE:HCI) Q3 2019 Earnings Conference Call - Final Transcript
Nov 05, 2019 • 04:45 pm ET
Good afternoon and welcome to HCI Group's Third Quarter 2019 Earnings Call. My name is Dagmar, and I will be your conference operator this afternoon. [Operator Instructions] The call is also being broadcast live via webcast and available via webcast replay until December 5, 2019 on the Investor Information section of HCI Group's website at www.hcigroup.com. I would now like to turn the call over to Kevin Mitchell HCI's Senior Vice President of Investor Relations. Sir, please proceed.
Thank you, and good afternoon. Welcome to HCI Group's third quarter 2019 earnings call. With me today are Paresh Patel, our Chairman and Chief Executive Officer; and Mark Harmsworth, our Chief Financial Officer.
Following Paresh's opening remarks, Mark will review our financial performance for the quarter and first nine months of 2019, and then turn the call back to Paresh for an operational update and business outlook. Finally, we will take your questions. To access today's webcast, please visit the Investor Information section of our corporate website at hcigroup.com.
Before we begin, I would like to take the opportunity to remind our listeners that today's presentation and responses to questions may contain forward-looking statements made pursuant to the Private Securities Litigation Reform Act of 1995. Words such as anticipate, estimate, expect, intend, plan and project and other similar words and expressions are intended to signify forward-looking statements.
Forward-looking statements are not guarantees of future results and conditions but rather are subject to various risks and uncertainties. Some of these risks and uncertainties are identified in the company's filings with the Securities and Exchange Commission. Should any risks or uncertainties develop into actual events, these developments could have material adverse effects on the company's business, financial conditions and results of operations. HCI Group disclaims all the obligations to update any forward-looking statements.
Now, with that, I would like to turn the call over to Paresh Patel, our Chairman and CEO. Paresh?
Thank you, Kevin, and welcome everyone. Before Mark provides details around our financial performance for the quarter and the first nine months of 2019, I would like to touch on some events and highlights from the quarter. Obviously, we generate diluted earnings of $0.73 per share. HCI has been profitable now in 46 of the last 48 quarters, with the two exceptions being the quarters in which Hurricane Irma and Hurricane Michael hit. Also in July, we paid a dividend of $0.40 per common share. Our 36th consecutive quarterly dividend. The current yield is nearly 4%. And as most of you know, hurricane activity generally peaks in the third quarter of every year. This year we had a quiet third quarter. Although Hurricane Dorian devastated the Bahamas in September, it's good at the East Coast of Florida without making landfall. Our estimated losses from Dorian were slight. However, as we always do when a hurricane threatens Florida, [Indecipherable] Florida, we suspend new business, until the Dorian threat had passed. That suspension impacted our new business production for about three weeks out of the