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%.

Start 2013 better than ever by saving time and making money with your Limited Time Offer for our highly-acclaimed Stock Picker Newsletter. Click here for our fresh Feature Stock Pick now!

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.