Shares of Hagerty (NYSE: HGTY), the automotive enthusiast brand and specialty vehicle insurance provider, are soaring 8.33% in pre-market trading on Wednesday following the release of its impressive first-quarter 2025 financial results and reaffirmed full-year outlook.

The company reported a significant beat on earnings, with adjusted EPS of $0.08 per share, quadrupling the analyst consensus estimate of $0.02 and doubling from $0.04 in the same quarter last year. Revenue for Q1 2025 also exceeded expectations, coming in at $319.59 million, a 17.6% increase year-over-year and well above the analyst consensus of $299.92 million.

Hagerty's financial performance showed robust growth across key metrics: - Net income surged 233% to $27.3 million - Adjusted EBITDA increased 45% to $39.6 million - Total written premium grew 11.9% to $244.3 million - Policies in force increased 1.2% to 1,524,927 CEO McKeel Hagerty expressed confidence in the company's performance, stating, "We are off to a solid start to 2025, with first quarter revenue growth of 18%, net income growth of 233%, and Adjusted EBITDA growth of 45%. We expanded our margins and are making substantial technology investments to become even more efficient in how we deliver on our brand promise to members over the coming years."

Adding to investor optimism, Hagerty reaffirmed its full-year 2025 outlook, projecting 12-13% total revenue growth to between $1.344 billion and $1.356 billion, and 30-40% net income growth. The company also expects Adjusted EBITDA growth of 21-29% for the year.

The strong quarterly results, significant earnings beat, and positive outlook for 2025 appear to be the primary drivers behind Hagerty's pre-market stock surge, as investors react positively to the company's continued growth and improved profitability.