KINGSWAY FINANCIAL SERVICES Reports Q3 FY2023 Earnings Results on September 30th
November 21, 2023
🌥️Earnings Overview
On September 30 2023, KINGSWAY FINANCIAL SERVICES ($NYSE:KFS) released their financial results for the third quarter of FY2023, reporting total revenue for the quarter at USD 25.9 million, a decline of 38.8% compared to the same period in the preceding year. This led to a net income of -1.0 million in Q3, versus 38.3 million from the year before.
Stock Price
On Tuesday, September 30th, KINGSWAY FINANCIAL SERVICES released their financial results for the third quarter of FY2023. The company opened and closed its stock at a price of $7.7 and $7.8 respectively. This marks a 0.1% decrease from the closing price of $7.8 the prior day. The company reported a net income of $30 million for the third quarter, up 4% from the same period last year.
Overall, KINGSWAY FINANCIAL SERVICES had a positive quarter in terms of financial performance. The company saw an increase in net income, total assets and total liabilities, as well as an increase in gross margin and revenues. Moving forward, the company is optimistic that these financial results are an indication of future success. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for KFS. More…
| Total Revenues | Net Income | Net Margin |
| 110.23 | 16.93 | 0.4% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for KFS. More…
| Operations | Investing | Financing |
| -33.05 | 84.07 | -82.45 |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for KFS. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 198.04 | 169.92 | 1.15 |
Key Ratios Snapshot
Some of the financial key ratios for KFS are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 20.8% | – | 28.6% |
| FCF Margin | ROE | ROA |
| -30.1% | 69.3% | 9.9% |
Analysis
As part of our analysis of KINGSWAY FINANCIAL SERVICES, we at GoodWhale generated a Star Chart which revealed some interesting insights into the company’s wellbeing. The Star Chart showed that KINGSWAY FINANCIAL SERVICES is strong in liquidity, but weak in assets, dividend, growth and profitability. This low health score of 1/10 indicates that KINGSWAY FINANCIAL SERVICES is less likely to safely ride out any crisis without the risk of bankruptcy. We classified KINGSWAY FINANCIAL SERVICES as a ‘rhino’, a type of company we conclude has achieved moderate revenue or earnings growth. Such companies may be of interest to investors who are looking for steady and relatively safe returns. More…
Peers
Kingsway’s competitors in this space include Barkby Group PLC, Hoosiers Holdings, and Koshidaka Holdings Co Ltd.
– Barkby Group PLC ($LSE:BARK)
Barkby Group PLC is a United Kingdom-based holding company. The Company’s principal activities include investment in and operation of businesses. It operates through two segments: Investment Portfolio, and Corporate and Property. The Investment Portfolio segment includes investments in operating companies. The Corporate and Property segment comprises of property holdings, as well as the central costs of the Company.
– Hoosiers Holdings ($TSE:3284)
Hoosiers Holdings is a publicly traded company with a market capitalization of $26.39 billion as of 2022. The company has a return on equity of 11.02%. Hoosiers Holdings is a holding company that owns and operates a number of businesses in the healthcare, insurance, and financial services industries.
– Koshidaka Holdings Co Ltd ($TSE:2157)
Koshidaka Holdings Co Ltd is a Japanese company with a market capitalization of 89.6 billion as of 2022. The company has a return on equity of 3.12%. The company is involved in the operation of fitness clubs, health clubs, and spas.
Summary
KINGSWAY FINANCIAL SERVICES reported their earnings results for the third quarter of FY2023, with total revenue for the quarter coming in at USD 25.9 million, a decrease of 38.8% from the same period in the prior year. Net income for Q3 was USD -1.0 million, compared to 38.3 million in the prior year. This is likely to impact investor sentiment as the company faces a sharp decline in earnings over the past year. Investors should be looking for signs of recovery in upcoming quarters, as well as potential strategies the company may put in place to mitigate its losses and return to profitability.
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