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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%.
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.
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