Progressive Shares Are Tumbling Today After Q2 Earnings Missed Analyst Consensus
Portfolio Pulse from Lekha Gupta
Progressive Corp's Q2 results missed analyst consensus, causing its shares to drop by over 6%. The company reported a 19% Y/Y increase in Q2 net premiums to $14.46 billion, missing the consensus estimate of $14.98 billion. Adjusted EPS of $0.40 also missed the analyst consensus estimate of $0.87. The company also witnessed unfavorable prior accident year reserve development of $137.8 million in June.
July 13, 2023 | 2:31 pm
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NEGATIVE IMPACT
Progressive Corp's shares dropped after its Q2 results missed analyst consensus. The company's net premiums and adjusted EPS both fell short of estimates, which could negatively impact investor confidence.
Progressive Corp's Q2 results fell short of analyst consensus, which is likely to negatively impact investor confidence and could lead to a decrease in the company's share price. The company's net premiums and adjusted EPS both missed estimates, indicating potential challenges in its financial performance.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100