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Progressive: 1Q Earnings Snapshot

Associated Press
Updated ·1-min read

MAYFIELD VILLAGE, Ohio (AP) _ Progressive Corp. (PGR) on Wednesday reported first-quarter net income of $692.7 million.

On a per-share basis, the Mayfield Village, Ohio-based company said it had net income of $1.17.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of $1.45 per share.

The insurer posted revenue of $9.32 billion in the period. Its adjusted revenue was $9.88 billion, which also missed Street forecasts. Four analysts surveyed by Zacks expected $9.92 billion.

Progressive shares have risen 11% since the beginning of the year, while the Standard & Poor's 500 index has dropped 12%. The stock has increased 11% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PGR at https://www.zacks.com/ap/PGR