Triple-S Management Corp. revealed second quarter results showing a year-over-year net income increase to $30.9 million, or $1.35 per diluted share, versus net loss of $38.7 million, or $1.68 per share, in the prior-year period.
It also reported adjusted net income of $25.7 million, or $1.12 per diluted share, versus adjusted net loss of $37.3 million, or $1.62 per share, and operating revenues of $878.6 million, a 15.1% increase from the prior-year period, primarily reflecting higher Managed Care net premiums earned.
In a call with analysts, company CEO Bobby García said the company has been monitoring Puerto Rico’s recent political turmoil, “but we remain positive that these events will have no lasting impact on Puerto Rico’s economy.”
“While the massive protests that led to the elected governor’s resignation and the quick removal of his chosen successor … are unusual events, they also validate the strength of Puerto Rico’s democracy,” he said.
“Both transitions have been orderly and have followed the rule of law. Although tourism has been temporarily affected, business across the island has, by and large, continued uninterrupted,” García said.
“Migration trends seem to have stabilized. The private sector is creating jobs, and we remain optimistic about Puerto Rico’s long-term economic future,” he added.
Given its recent results, Triple-S is revising its full year 2019 guidance for consolidated operating revenue, Managed Care premiums earned, and adjusted net income per diluted share, reducing its guidance for operating expense ratio and adjusting its effective tax rate guidance.