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Progressive (PGR) Q4 Earnings Beats Estimates; Premiums Up
Have you been eager to see how The Progressive Corporation (PGR - Free Report) performed in the fourth 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 99 cents per share, beating the Zacks Consensus Estimate of 77 cents. Earnings surged 55% year over year.
Higher premiums drove the upside.
Progressive Corporation (The) Price and EPS Surprise
Progressive Corporation (The) Price and EPS Surprise | Progressive Corporation (The) Quote
How Was the Estimate Revision Trend?
You should note that there was no earnings momentum 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 9.76% in the trailing four quarters.
Key Takeaways
Premiums written continue to post solid numbers, increasing 22% year over year in the reported quarter.
Combined ratio improved 130 basis points in the quarter.
What Zacks Rank Says
The estimate revisions that we discussed earlier have driven a Zacks Rank #2 (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 (Strong Buy) stocks here.
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