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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 $1.13 per share, beating the Zacks Consensus Estimate of $1.01. Earnings nearly doubled year over year.
Higher premiums drove the upside.
The Progressive Corporation Price and EPS Surprise
You should note that there were no estimate revisions for the fourth quarter in the last seven days for Progressive prior to the earnings release. Progressive has a solid earnings surprise history. Overall, the company surpassed the Zacks Consensus Estimate by an average of 15.80% in the trailing four quarters.
Key Takeaways
Premiums written continue to post solid numbers, increasing 18% year over year to $17.9 billion in the reported quarter.
Combined ratio deteriorated 110 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.
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
Image: Bigstock
Progressive (PGR) Q4 Earnings Beats, Premiums Increase Y/Y
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 $1.13 per share, beating the Zacks Consensus Estimate of $1.01. Earnings nearly doubled year over year.
Higher premiums drove the upside.
The Progressive Corporation Price and EPS Surprise
The Progressive Corporation Price and EPS Surprise | The Progressive Corporation Quote
How Was the Estimate Revision Trend?
You should note that there were no estimate revisions for the fourth quarter in the last seven days for Progressive prior to the earnings release. Progressive has a solid earnings surprise history. Overall, the company surpassed the Zacks Consensus Estimate by an average of 15.80% in the trailing four quarters.
Key Takeaways
Premiums written continue to post solid numbers, increasing 18% year over year to $17.9 billion in the reported quarter.
Combined ratio deteriorated 110 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.
Zacks' Top 10 Stocks for 2019
In addition to the stocks discussed above, wouldn't you like to know about our 10 finest buy-and-holds for the year?
From more than 4,000 companies covered by the Zacks Rank, these 10 were picked by a process that consistently beats the market. Even during 2018 while the market dropped -5.2%, our Top 10s were up well into double-digits. And during bullish 2012 – 2017, they soared far above the market's +126.3%, reaching +181.9%.
This year, the portfolio features a player that thrives on volatility, an AI comer, and a dynamic tech company that helps doctors deliver better patient outcomes at lower costs.
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