Progressive Earnings: Not Enough to Impress Shareholders

Progressive Corp. (NYSE:PGR) generated a profit and exceeded Wall Street’s expectations. However, the top-line and bottom-line numbers in the latest quarterly release showed a decline year-over-year. Shares are down 0.44%.

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Progressive Corp. Earnings Cheat Sheet

Results: Net income decreased -2.96% to $249.1 million (41 cents per diluted share) in the quarter versus a net gain of $256.7 million in the year-earlier quarter.

Revenue: Decreased 2.31% to $3.84 billion from the year-earlier quarter.

Actual vs. Wall St. Expectations: Progressive Corp. reported adjusted net income of 41 cents per share. By that measure, the company beat the mean analyst estimate of $0.34. It beat the average revenue estimate of $3.79 billion.

Key Stats:

Revenue decreased 11.63% from $4.35 billion in the previous quarter. Net income decreased 10.07% from $277 million in the previous quarter.

Looking Forward: Analysts have a neutral outlook for the company’s next-quarter performance. Over the past three months, the average estimate for next quarter’s earnings is a profit of $0.37 and has not changed. For the current year, the average estimate has moved down from a profit of $1.17 to a profit of $1.15 over the last ninety days.

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(Company fundamentals provided by Xignite Financials.)