Stock Analysis

Progressive Third Quarter 2022 Earnings: Misses Expectations

NYSE:PGR
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Progressive (NYSE:PGR) Third Quarter 2022 Results

Key Financial Results
  • Revenue: US$12.8b (up 7.8% from 3Q 2021).
  • Net income: US$117.4m (up 5.0% from 3Q 2021).
  • Profit margin: 0.9% (in line with 3Q 2021).
  • EPS: US$0.20 (up from US$0.19 in 3Q 2021).
earnings-and-revenue-growth
NYSE:PGR Earnings and Revenue Growth October 14th 2022

All figures shown in the chart above are for the trailing 12 month (TTM) period

Progressive Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 2.8%. Earnings per share (EPS) also missed analyst estimates by 82%.

Looking ahead, revenue is forecast to grow 9.7% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Insurance industry in the US.

Performance of the American Insurance industry.

The company's share price is broadly unchanged from a week ago.

Risk Analysis

Before we wrap up, we've discovered 2 warning signs for Progressive that you should be aware of.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

About NYSE:PGR

Progressive

An insurance holding company, provides personal and commercial auto, personal residential and commercial property, business related general liability, and other specialty property-casualty insurance products and related services in the United States.

Solid track record with excellent balance sheet.