Progressive Corporation Prepares to Report Third-Quarter Earnings
Progressive Corporation (NYSE:PGR) will release its third-quarter financial results on Wednesday before the market opens. Wall Street expects revenue to grow 3.9% year on year, representing a slowing pace compared to the 14.2% increase recorded in the same period last year. Analysts covering the company have generally reconfirmed their estimates over the past 30 days. Shares of the insurer are trading at $220.30, up 1.31% today.
In the previous quarter, Progressive met analyst revenue expectations by reporting $23.61 billion, up 7.3% year on year. Earnings per share and net premiums earned were also in line with Wall Street estimates. Over the last month, the broader insurance sector has faced a sell-off, with peer stocks down 4.2% on average, while Progressive's share price remained unchanged.
As the first company among its peers to report earnings this season, Progressive will provide the market with an initial indication of industry performance. Investors will be watching whether the company meets revenue targets, given that it has missed Wall Street revenue estimates multiple times over the last two years.
Key points
- Progressive Corporation is set to report its third-quarter financial results on Wednesday before market hours.
- Market expectations point to a 3.9% year-on-year revenue increase, down from 14.2% growth in the prior-year period.
- During the previous quarter, the company reported $23.61 billion in revenue, representing a 7.3% year-on-year gain that met consensus estimates.
- Progressive's stock price remained flat over the past month, while its peer group fell by an average of 4.2%.
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When will Progressive Corporation report its Q3 earnings?
Progressive Corporation is scheduled to report its third-quarter earnings on Wednesday before the market opens.
What are analysts expecting for Progressive's Q3 revenue growth?
Analysts expect Progressive's revenue to grow 3.9% year on year for the third quarter, compared to a 14.2% increase in the same quarter last year.
How did Progressive perform in its previous quarter?
In the previous quarter, Progressive reported $23.61 billion in revenue, up 7.3% year on year. Both earnings per share and net premiums earned met analyst expectations.