Insurance company Progressive (NYSE:PGR) will be reporting results this Wednesday before market hours. Here’s what you need to know.
Progressive met analysts’ revenue expectations last quarter, reporting revenues of $23.61 billion, up 7.3% year on year. It was a slower quarter for the company, with EPS in line with analysts’ estimates and net premiums earned in line with analysts’ estimates.
Is Progressive a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Progressive’s revenue to grow 3.9% year on year, slowing from the 14.2% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Progressive has missed Wall Street’s revenue estimates multiple times over the last two years.
With Progressive being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unfold for insurance stocks. However, the whole sector has faced a sell-off over the last month with stocks in Progressive’s peer group down 4.2% on average. Progressive’s stock price was unchanged during the same time .
ONE MORE THING: The $21 AI Application Stock Wall Street Forgot. While Wall Street obsesses over who’s building AI, one company is already using it to print money. And nobody’s paying attention.
AI chip stocks trade at ridiculous valuations. This company processes a trillion consumer signals monthly using AI and trades at a third of the price. The gap won’t last. The institutions will figure it out. You need to see this first. Read the FREE Report Before They Notice.