Have you been eager to see how The Progressive Corporation (PGR - Free Report) performed in the third quarter in comparison with the market expectations? Let’s quickly scan through the key facts from this OH-based property an casualty insurer’s earnings release this morning
An Earnings Beat
Progressive reported adjusted earnings per share of 41 cents per share, beating the Zacks Consensus Estimate of 40 cents. Earnings improved 13.9% year over year.
Higher premiums drove the upside.
Progressive Corporation (The) Price and EPS Surprise
How Was the Estimate Revision Trend?
You should note that the earnings estimate for Progressive depicted bullish stance prior to the earnings release. The Zacks Consensus Estimate moved north by a cents over the last seven days. Progressive has a decent earnings surprise history. Overall, the company surpassed the Zacks Consensus Estimate by an average of 5.23% in the trailing four quarters.
Premiums written continue to post solid numbers, increasing 18% year over year in the reported quarter.
Combined ratio deteriorated 80 basis points in the quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #3 (Hold) 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 (Strong Buy) stocks here.
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