Have you been eager to see how The Progressive Corporation (PGR - Free Report) performed in the second quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this OH-based property and casualty insurer’s earnings release this morning.
An Earnings Beat
Progressive reported adjusted earnings per share of $1.15 per share, beating the Zacks Consensus Estimate of $1.08. Earnings surged nearly 95% year over year.
Higher premiums drove the upside.
The Progressive Corporation Price and EPS Surprise
How Was the Estimate Revision Trend?
You should note that the Zacks Consensus Estimate for the second quarter moved up in the last seven days for Progressive prior to the earnings release. Progressive has a decent earnings surprise history. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.27% in the trailing four quarters.
Key Takeaways
Premiums written continue to post solid numbers, increasing 20% year over year to $8.1 billion in the reported quarter.
Combined ratio improved 230 basis points in the quarter.
Policies–in–force remained solid, exhibiting improvement across all business lines.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #1 (Strong Buy) for Progressive. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
You can see the complete list of today’s Zacks #1 Rank stocks here.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Have you been eager to see how The Progressive Corporation (PGR - Free Report) performed in the second quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this OH-based property and casualty insurer’s earnings release this morning.
An Earnings Beat
Progressive reported adjusted earnings per share of $1.15 per share, beating the Zacks Consensus Estimate of $1.08. Earnings surged nearly 95% year over year.
Higher premiums drove the upside.
The Progressive Corporation Price and EPS Surprise
How Was the Estimate Revision Trend?
You should note that the Zacks Consensus Estimate for the second quarter moved up in the last seven days for Progressive prior to the earnings release. Progressive has a decent earnings surprise history. Overall, the company surpassed the Zacks Consensus Estimate by an average of 8.27% in the trailing four quarters.
Key Takeaways
Premiums written continue to post solid numbers, increasing 20% year over year to $8.1 billion in the reported quarter.
Combined ratio improved 230 basis points in the quarter.
Policies–in–force remained solid, exhibiting improvement across all business lines.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #1 (Strong Buy) for Progressive. However, since the latest earnings performance is yet to be reflected in the estimate revisions, the rank is subject to change. Now it all depends on what sense the just-released report makes to the analysts.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +21.9% in 2017, our top stock-picking screens have returned +115.0%, +109.3%, +104.9%, +98.6%, and +67.1%.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - 2017, the composite yearly average gain for these strategies has beaten the market more than 19X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
See Them Free>>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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