Progressive Corp. Earnings Cheat Sheet: Misses Expectations as Profit Falls

S&P 500 (NYSE:SPY) component Progressive Corporation (NYSE:PGR) reported its results for the second quarter. Progressive is an insurance holding company that provides personal and commercial automobile insurance and other property-casualty insurance throughout the U.S.

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Progressive Earnings Cheat Sheet for the Second Quarter

Results: 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.

Actual vs. Wall St. Expectations: PGR fell short of the mean analyst estimate of 35 cents per share.

Key Stats:

The company has now fallen short of estimates in the last two quarters. In the first quarter, it missed expectations by one cent with net income of 38 cents versus a mean estimate of net income of 39 cents per share.

Looking Forward: Analysts appear increasingly negative about the company’s results for the next quarter. The average estimate for the third quarter has moved down from 40 cents a share to 39 cents over the last thirty days. For the fiscal year, the average estimate has moved down from $1.60 a share to $1.56 over the last thirty days.

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).

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(Source: Xignite Financials)