Progressive Corp Earnings Cheat Sheet: Net Income Falls

S&P 500 (NYSE:SPY) component Progressive Corporation (NYSE:PGR) reported its results for the fourth 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 Fourth Quarter

Results: Net income for Progressive Corporation fell to $150.7 million (24 cents per share) vs. $261.1 million (40 cents per share) a year earlier. This is a decline of 42% from the year earlier quarter.

Revenue: Total revenue rose 1% to $3.8 billion.

Actual vs. Wall St. Expectations: PGR fell short of the mean analyst estimate of 38 cents per share. It beat the average revenue estimate of $3.41 billion.

Key Stats:

The company has now fallen short of analyst estimates for the last three quarters. It missed the mark by 3 cents in the third quarter and by one cent in the second quarter.

Looking Forward: Over the past ninety days, the average estimate for the first quarter of the next fiscal year has fallen from 43 cents per share to 42 cents, indicating that analysts are growing pessisimistic about the company’s performance next quarter. For the fiscal year, the average estimate has moved down from $1.56 a share to $1.49 over the last ninety 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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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)