Progressive Q2 2024 Adj EPS $2.65 Beats $2.00 Estimate, Sales $17.210B Miss $17.637B Estimate
Portfolio Pulse from Benzinga Newsdesk
Progressive (NYSE:PGR) reported Q2 2024 adjusted EPS of $2.65, beating the $2.00 estimate by 32.5%. However, sales of $17.210 billion missed the $17.637 billion estimate by 2.42%, though they increased by 18.99% year-over-year.
July 16, 2024 | 2:30 pm
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POSITIVE IMPACT
Progressive's Q2 2024 earnings per share (EPS) significantly beat analyst expectations, but sales fell short of estimates. Despite the sales miss, the year-over-year growth in sales was strong.
The significant beat on EPS is a positive indicator for investors, suggesting better-than-expected profitability. The sales miss is a slight negative but is mitigated by the strong year-over-year growth. Overall, the positive earnings surprise is likely to have a favorable short-term impact on the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100