Progressive Third Quarter 2024 Earnings: Beats Expectations

Simply Wall St · 10/16 10:05

Progressive (NYSE:PGR) Third Quarter 2024 Results

Key Financial Results

  • Revenue: US$19.7b (up 27% from 3Q 2023).
  • Net income: US$2.35b (up 112% from 3Q 2023).
  • Profit margin: 12% (up from 7.1% in 3Q 2023). The increase in margin was driven by higher revenue.
  • EPS: US$4.01 (up from US$1.90 in 3Q 2023).
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NYSE:PGR Earnings and Revenue Growth October 16th 2024

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

Progressive Revenues and Earnings Beat Expectations

Revenue exceeded analyst estimates by 2.1%. Earnings per share (EPS) also surpassed analyst estimates by 2.0%.

Looking ahead, revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 5.2% growth forecast for the Insurance industry in the US.

Performance of the American Insurance industry.

The company's shares are up 1.0% from a week ago.

Risk Analysis

It is worth noting though that we have found 2 warning signs for Progressive (1 doesn't sit too well with us!) that you need to take into consideration.