Progressive (NYSE:PGR) released its financial results for the second quarter and they were better than expected. The quarterly earnings came out at $1.66 per share. This figure surpassed the Zacks Consensus Estimate of $1.43 per share. This quarterly report also topped analysts’ estimates and represents a positive surprise of 16.08%. The previous quarter was also good for the company, as it delivered a surprise of 32.61%. Over the last four quarters, Progressive managed to beat consensus EPS estimates three times.
The firm posted revenues of $9.27bn in its Q2 report, which beat Zacks Consensus Estimate by 1.13%. The company has topped the consensus revenue estimates three out of the last four quarters.
As a result of good fundamentals, shares of Progressive stock gained 39.4% in 2019. In comparison, the S&P 500 gained 19.8% in the same period.
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