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Progressive (PGR) Reports Q1 Earnings: What Key Metrics Have to Say
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For the quarter ended March 2024, Progressive (PGR - Free Report) reported revenue of $17.09 billion, up 20.1% over the same period last year. EPS came in at $3.73, compared to $0.65 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $16.61 billion, representing a surprise of +2.84%. The company delivered an EPS surprise of +16.56%, with the consensus EPS estimate being $3.20.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Progressive performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Companywide Total - Loss/LAE ratio: 67.8% compared to the 70.8% average estimate based on eight analysts.
Companywide Total - Combined ratio: 86.1% versus the eight-analyst average estimate of 89.2%.
Commercial Lines Business - Combined ratio: 91.8% versus the seven-analyst average estimate of 93.5%.
Personal Lines Business - Total - Combined ratio: 84.5% versus 88.5% estimated by seven analysts on average.
Commercial Lines Business - Expense ratio: 19.4% versus 19.7% estimated by seven analysts on average.
Commercial Lines Business - Loss/LAE ratio: 72.4% versus 73.8% estimated by seven analysts on average.
Personal Lines Business - Total - Expense ratio: 17.5% versus the seven-analyst average estimate of 17.9%.
Investment income: $617.60 million compared to the $602.68 million average estimate based on eight analysts. The reported number represents a change of +47.2% year over year.
Net premiums earned: $16.15 billion versus the eight-analyst average estimate of $15.57 billion. The reported number represents a year-over-year change of +19.3%.
Service revenues: $84.20 million versus the eight-analyst average estimate of $79.78 million. The reported number represents a year-over-year change of +16.1%.
Fees and other revenues: $236.50 million compared to the $232.40 million average estimate based on seven analysts. The reported number represents a change of +14.7% year over year.
Net realized gains (losses) on securities: $155.60 million compared to the $69.29 million average estimate based on three analysts.
Shares of Progressive have returned +0.2% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.
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Progressive (PGR) Reports Q1 Earnings: What Key Metrics Have to Say
For the quarter ended March 2024, Progressive (PGR - Free Report) reported revenue of $17.09 billion, up 20.1% over the same period last year. EPS came in at $3.73, compared to $0.65 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $16.61 billion, representing a surprise of +2.84%. The company delivered an EPS surprise of +16.56%, with the consensus EPS estimate being $3.20.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Progressive performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- Companywide Total - Loss/LAE ratio: 67.8% compared to the 70.8% average estimate based on eight analysts.
- Companywide Total - Combined ratio: 86.1% versus the eight-analyst average estimate of 89.2%.
- Commercial Lines Business - Combined ratio: 91.8% versus the seven-analyst average estimate of 93.5%.
- Personal Lines Business - Total - Combined ratio: 84.5% versus 88.5% estimated by seven analysts on average.
- Commercial Lines Business - Expense ratio: 19.4% versus 19.7% estimated by seven analysts on average.
- Commercial Lines Business - Loss/LAE ratio: 72.4% versus 73.8% estimated by seven analysts on average.
- Personal Lines Business - Total - Expense ratio: 17.5% versus the seven-analyst average estimate of 17.9%.
- Investment income: $617.60 million compared to the $602.68 million average estimate based on eight analysts. The reported number represents a change of +47.2% year over year.
- Net premiums earned: $16.15 billion versus the eight-analyst average estimate of $15.57 billion. The reported number represents a year-over-year change of +19.3%.
- Service revenues: $84.20 million versus the eight-analyst average estimate of $79.78 million. The reported number represents a year-over-year change of +16.1%.
- Fees and other revenues: $236.50 million compared to the $232.40 million average estimate based on seven analysts. The reported number represents a change of +14.7% year over year.
- Net realized gains (losses) on securities: $155.60 million compared to the $69.29 million average estimate based on three analysts.
View all Key Company Metrics for Progressive here>>>Shares of Progressive have returned +0.2% over the past month versus the Zacks S&P 500 composite's +1.6% change. The stock currently has a Zacks Rank #1 (Strong Buy), indicating that it could outperform the broader market in the near term.