Search   Advanced Search
LATEST NEWS
 
 
News
 Latest Headlines
 Quick Facts
 Breaking News
 Top Stories
 Feature Articles
 Politics
 US Policy
 General
 Commodities
 Canadian
 UK
 Indian
 Wallstreet Events
 US Economic News
 European Economic News
 Asian Economic News
 All Economic News
 FX Top Stories
 Currency Alerts
 Mkt Sensitive News
 Politics
 European Mkt Updates
 Asian Mkt Updates
 Treasury Mkt Updates
 Pop
 Rock
 Classic Rock
 Rap/Hip-Hop
 Country
 Alternative
 Oldies
 Movie Reviews
 DVD Releases
 Box Office
 Slide Shows
 Business News
Commentary/Analysis
 Daily Market Analysis
 US Market Updates
 US Commentary
 Asian Commentary
 European Commentary
 Canadian Commentary
 Indian Commentary
 Sector/Market Trends
Stock Alerts
 Stocks To Watch
 Long Term Stocks
 Before the Bell
 $5 and Under
 After the Bell
 Intraday Updates
 IPOs
 Hot Stocks
Earnings Calendars
 Upcoming Earnings
 Latest Earnings
 Pos Pre Announcements
 Neg Pre Announcements
Corporate Calendars
 Stock Splits
 Stock Buybacks
 Dividends
 Conference Calls
 FDA Calendar
 Board Meetings
 Mergers & Acquisitions
Ratings Changes
 Upgrades
 Downgrades
 Coverage Initiations
 Coverage Reiterated
 All Videos
 Market Commentary
 Top Stories
 Economic News
 Political News
 Foreign Markets
 Corporate News
 Entertainment News
 Top Stories
 Earnings
 Mergers & Acquisitions
 Market Commentary
 Economic News
 IPOs and New Issues
 Corporate News
 Forex News
 Interviews
 Private Equity
Economic Calendar
RTT DeskAlert

Font Down Font Up
Progressive Q2 Profit Rises - Update
7/10/2009 9:47 AM ET


RELATED NEWS
Raising Price Target On Progressive Corp. While Maintaining Market Perform Rating - FBR Capital Markets Comments
Progressive Corp Investor Conference At 9:00 AM ET
Progressive October Profit Down - Update
Progressive October Profit Declines - Quick Facts
Progressive Corp. Swings To Profit In Q3 - Update
(RTTNews) - Friday, auto insurance group Progressive Corp. (PGR: News ) posted an increase in its profit for the second quarter, with a modest 1% rise in net premiums written and premiums earned. Meanwhile, profit surged 190% for the month of June.

The company's second-quarter net income advanced 16% to $250.1 million or $0.37 per share from the previous year's income of $215.5 million or $0.32 per share.

On average, 16 analysts polled by Thomson Reuters expected the company to post earnings of $0.36 per share. Analysts' estimates typically exclude special items.

Quarterly net premiums written totaled $3.53 billion, up 1% from $3.51 billion in the same quarter of last year. Net premiums earned edged up 1% to $3.44 billion from $3.41 billion generated in the comparable quarter of the previous year. Nine Wall Street analysts had a consensus revenue estimate of $ 3.54 billion.

The second-quarter results included $15.9 million of pre-tax investment gains, compared with a prior year loss of $44.6 million.

The Mayfield Village, Ohio-based company also reported that net income for the month of June 2009 surged to $79.3 million or $0.12 per share from $27.3 million or $0.04 per share in the year-ago period.

Net premiums written for the month were $1.059 billion, compared with $1.046 billion in the prior year period, an increase of 1%. Net premiums earned improved 1% to $1.061 billion from $1.049 billion in the corresponding period of the previous year.
During the month of June, the company recognized $13.7 million in net realized gains in investment portfolio. Progressive added that it wrote down $30.0 million in securities that were determined to have had an other-than-temporary decline in market value, primarily in its structured debt portfolio. In addition to the write-downs, the results comprised net gains on sales of securities, including holding period gains, of $43.7 million during the month.

For the six-month period, the company posted net income of $482.6 million or $0.72 per share, compared to $454.9 million or $0.67 per share in the year-earlier period.

Net premiums written for the period ended June 2009 were $7.05 billion, compared to $7.00 billion in the same period of last year. Net premiums earned increased 1% to $6.85 billion from $6.80 billion in the comparable period of the previous year.

Year-to-date total revenues dropped 1% to $7.05 billion from $7.12 billion witnessed in the year-ago period.

To receive FREE breaking news email alerts for Progressive Corp. and others in your portfolio


 1   2   Next Page 


Share Article:   Del.icio.us    Digg    Y! My Web    Facebook    My Space

Email        Print        

     
Top Stories
Wall Street Closes Lower For The Day, Mixed For The Week

Senate Democrats Fault GOP For Failing To Advance Alternative Health Reforms

New Guidelines Recommend Women Wait Until 21 For Cervical Cancer Screening

"New Moon" Takes Center Stage, Should Post Big Opening Weekend

Valero Energy To Permanently Shutter Delaware City Refinery - Update

Earnings
Schneider Power Swings To Profit In Q3 - Quick Facts

Scottish Re Group Swings To Profit In Q3 - Quick Facts

HydraLogic Systems Q3 Loss Narrows - Quick Facts

Advance Nanotech Turns To Profit In Q3 - Quick Facts

Novik Q3 Profit Declines - Quick Facts

US Market Commentary
Bay Street Stocks Slip Slightly Again - Canadian Commentary

Stocks Close Mostly Lower Amid Disappointing Quarterly Results - U.S. Commentary

Stocks Remain Stuck In The Red In Mid-Afternoon Trading - U.S Commentary

Stocks Posting Moderate Losses In Early Afternoon Trading - U.S. Commentary

Stocks Seeing Further Downside In Late Morning Trading - U.S. Commentary

US Economic News
Fed's Fisher: "Too-Big-To-Fail" Must Be Addressed

Philly Fed Index Shows Much Bigger Than Expected Increase In November

Leading Indicators Index Increases For Seventh Straight Month In October

Philly Fed Index Jumps To 16.7 In November

Leading Indicators Index Rose 0.3% In October

Political News
Christian Leaders Unveil "Call To Faith" On Life, Marriage, Religious Freedom

Senate Ethics Committee Admonishes Burris But Finds No Legal Wrongdoing

Senate Democrats Fault GOP For Failing To Advance Alternative Health Reforms

Sen. Nelson Says He Will Vote To Proceed With Debate On Health Care Bill

Sen. Gregg Calls Ron Paul's Fed Audit Amendment "Political Pandering"




 
Markets End Week In Red
11/20/09 04:51
Partisan Debate Precedes Health Reform Vote
11/20/09 03:23
Wall Street Extends Losses
11/20/09 02:13
 

Today's Stocks to Watch
SVN - 7 Days Group Holdings Ltd.
SLW - Silver Wheaton Corp.
CPQQ.OB - China Power Equipment
LIMS - STARLIMS TECHNOLOGY
SPRD - Spreadtrum Communications Inc.
HEAT - SmartHeat Inc


Profit Taking Likely To Contribute To Continued Weakness – RTTNews Daily Market Analysis
The major index futures are currently indicating a notably lower open for stocks on Friday, with the markets likely to see some further downside after closing lower in each of the two previous sessions. With no major economic data on tap for the day, traders have looked to corporate news, including disappointing quarterly results from Dell (DELL). Traders may also continue to cash in on the recent strength in the markets that lifted the major averages to their best closing levels in over a year earlier in the week.

SLIDE SHOW: Pittsburgh Plays Host To Third G-20 Summit World leaders met at the G-20 summit in Pittsburgh, where they promised to maintain economic stimulus agreed to in London in April.
  Trading Center

 

Copyright © 2009 RTTNews. All rights reserved. By using this site, you agree to the Terms of Service.

Feedback| Terms of Service | How To Use RTTNews.com| Advertise| Buy Content | RSS