Have you been eager to see how The Progressive Corporation (PGR - Free Report) performed in the first 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 $1.29 per share, beating the Zacks Consensus Estimate of $1.18. Earnings surged 92.5% year over year.
Higher premiums drove the upside.
How Was the Estimate Revision Trend?
You should note that the Zacks Consensus Estimate for the first quarter moved down 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 7.71% in the trailing four quarters.
Premiums written continue to post solid numbers, increasing 23% year over year in the reported quarter.
Combined ratio improved 330 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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