Progressive (NYSE:PGR) First Quarter 2023 Results
Key Financial Results
Revenue: US$14.3b (up 21% from 1Q 2022).
Net income: US$440.6m (up 43% from 1Q 2022).
Profit margin: 3.1% (up from 2.6% in 1Q 2022). The increase in margin was driven by higher revenue.
EPS: US$0.75 (up from US$0.53 in 1Q 2022).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Progressive EPS Misses Expectations
Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 51%.
Looking ahead, revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 5.6% growth forecast for the Insurance industry in the US.
The company's shares are down 4.9% from a week ago.
Don't forget that there may still be risks. For instance, we've identified 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.
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