Insurance company Progressive (NYSE: PGR) will be announcing earnings results this Wednesday before market hours. Here’s what to expect.
Progressive missed analysts’ revenue expectations by 1.8% last quarter, reporting revenues of $20.41 billion, up 18.4% year on year. It was a slower quarter for the company, with a miss of analysts’ EPS estimates.
Is Progressive a buy or sell going into earnings? Read our full analysis here, it’s free.
This quarter, analysts are expecting Progressive’s revenue to grow 19.7% year on year to $21.7 billion, improving from the 18.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $4.35 per share.
Heading into earnings, analysts covering the company have grown increasingly bearish with revenue estimates seeing 5 downward revisions over the last 30 days (we track 7 analysts). Progressive has missed Wall Street’s revenue estimates twice 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 unravel for insurance stocks. However, the whole sector has been hit hard over the last month as stocks in Progressive’s peer group are down 2.1% on average. Progressive is down 7% during the same time and is heading into earnings with an average analyst price target of $286.85 (compared to the current share price of $247.85).
Today’s young investors won’t have read the timeless lessons in Gorilla Game: Picking Winners In High Technology because it was written more than 20 years ago when Microsoft and Apple were first establishing their supremacy. But if we apply the same principles, then enterprise software stocks leveraging their own generative AI capabilities may well be the Gorillas of the future. So, in that spirit, we are excited to present our Special Free Report on a profitable, fast-growing enterprise software stock that is already riding the automation wave and looking to catch the generative AI next.
StockStory is growing and hiring equity analyst and marketing roles. Are you a 0 to 1 builder passionate about the markets and AI? See the open roles here.
