Progressive Corporation (NYSE:PGR) reported its results for the second quarter. Net income for the property and casualty insurance company fell to $150.7 million (24 cents per share) vs. $261.6 million (40 cents per share) a year earlier. This is a decline of 42% from the year earlier quarter.
Competitors to Watch: Safety Insurance Group, Inc. (NASDAQ:SAFT), The Allstate Corporation (NYSE:ALL), First Acceptance Corp. (NYSE:FAC), 21st Century Holding Co. (NASDAQ:TCHC), Tower Group, Inc. (NASDAQ:TWGP), Mercury General Corp. (NYSE:MCY), White Mountains Insurance Group, Ltd. (NYSE:WTM), Horace Mann Educators Corp. (NYSE:HMN), Infinity Property and Casualty Corp. (NASDAQ:IPCC), and Gainsco, Inc. (AMEX:GAN).
ADTRAN, Inc. (NASDAQ:ADTN) reported its results for the third quarter. Net income for ADTRAN, Inc. rose to $36.2 million (56 cents per share) vs. $32.1 million (50 cents per share) in the same quarter a year earlier. This marks a rise of 12.9% from the year earlier quarter. Revenue rose 17.9% to $192.2 million from the year earlier quarter.
ADTRAN Chief Executive Officer Tom Stanton stated, “Our Company’s strong performance in the quarter included record revenue performances by our three main product areas, Broadband Access, Internetworking and Optical Access. Our Broadband Access category grew a stellar 93% over the third quarter of 2010. Our Internetworking category also showed a strong performance by growing 44%, and our Optical Access category grew 20%. These results allowed the company to achieve its sixth consecutive all-time record revenue quarter. With nearly 80% of our revenues coming from these high growth areas, we feel the Company is well positioned for the future.”
Competitors to Watch: Calix, Inc. (NYSE:CALX), Cisco Systems, Inc. (NASDAQ:CSCO), Tellabs, Inc. (NASDAQ:TLAB), Alcatel-Lucent (NYSE:ALU), Telefonaktiebolaget LM Ericsson (NASDAQ:ERIC), Sycamore Networks, Inc. (NASDAQ:SCMR), Juniper Networks, Inc. (NYSE:JNPR), Ciena Corporation (NASDAQ:CIEN), Extreme Networks, Inc (NASDAQ:EXTR), and Westell Technologies Inc. (NASDAQ:WSTL).