Progressive (PGR) Lags Q3 Earnings and Revenue Estimates

Core Insights - Progressive reported quarterly earnings of $4.05 per share, missing the Zacks Consensus Estimate of $5.08 per share, representing an earnings surprise of -20.28% [1] - The company posted revenues of $22.22 billion for the quarter, missing the Zacks Consensus Estimate by 0.57%, compared to $19.43 billion in the same quarter last year [2] - Progressive shares have increased by approximately 0.3% year-to-date, underperforming the S&P 500's gain of 13% [3] Earnings Performance - Over the last four quarters, Progressive has surpassed consensus EPS estimates two times [2] - The current consensus EPS estimate for the upcoming quarter is $4.16, with expected revenues of $22.56 billion, and for the current fiscal year, the estimate is $18.62 on revenues of $87.14 billion [7] Market Outlook - The company's earnings outlook is crucial for investors, as it reflects current consensus expectations and any recent changes [4] - The Zacks Rank for Progressive is currently 2 (Buy), indicating expectations for the stock to outperform the market in the near future [6] - The Insurance - Property and Casualty industry is ranked in the top 19% of over 250 Zacks industries, suggesting a favorable outlook for stocks within this sector [8] Competitor Insights - Donegal Group, another company in the same industry, is expected to report quarterly earnings of $0.37 per share, reflecting a year-over-year decline of -19.6% [9] - Donegal Group's anticipated revenues are $243.9 million, down 2.4% from the previous year [10]