Progressive Q3 GAAP EPS $1.89, Net Premiums Earned $14.89B Miss $15.46B Estimate
Portfolio Pulse from Happy Mohamed
Progressive reported Q3 earnings of $1.89 per share, beating the analyst consensus estimate of $1.72 by 9.88%. This is a 263.46% increase from the same period last year. However, the company's quarterly sales of $14.89 billion missed the analyst consensus estimate of $15.46 billion by 3.66%, though it's a 20.12% increase from last year.
October 13, 2023 | 12:27 pm
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NEUTRAL IMPACT
Progressive's Q3 earnings beat estimates but sales missed. Earnings per share increased by 263.46% YoY, while sales increased by 20.12% YoY but fell short of estimates.
Progressive's earnings beat estimates, which is positive for the stock. However, the miss on sales could offset this positive impact. The YoY growth in both earnings and sales is a positive sign, but the fact that sales fell short of estimates might lead to a neutral short-term impact on the stock.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100