Travelers Significantly Misses Q2 Core EPS, Reports $1.5B Catastrophe Losses
Portfolio Pulse from Lekha Gupta
Travelers Companies Inc (NYSE:TRV) reported Q2 2023 revenues of $10.1 billion, up 11% Y/Y, slightly beating the consensus of $10.02 billion. However, the company reported a net loss of $14 million compared to net income of $551 million in the previous year. Core income declined to $15 million from $625 million due to higher catastrophe losses ($1.481 billion pre-tax). Core EPS of $0.06 missed the consensus of $2.08. The company repurchased 2.2 million shares for $400 million and declared a dividend of $1.00 per share.
July 20, 2023 | 1:40 pm
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Travelers Companies reported a net loss and a significant miss on Core EPS for Q2 2023 due to higher catastrophe losses. However, the company declared a dividend and repurchased shares.
Travelers Companies reported a net loss and a significant miss on Core EPS, which is likely to negatively impact the stock price. However, the declaration of a dividend and share repurchases could provide some support to the stock.
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