Auto insurance group Progressive Corp. (PGR) posted higher first-quarter net income of $308.6 million, or $0.51 per share, compared with last year's $257.6 million, or $0.42 per share. On average, 19 analysts polled by Thomson Reuters expected earnings per share of $0.44 for the quarter. Analysts' estimates typically exclude one-time items.
Quarterly net premiums written totaled $4.45 billion, up 7% from $4.16 billion a year ago, with net premiums earned rising 8% year-over-year to $4.18 billion, from $3.86 billion. Eleven analysts projected revenue of $4.44 billion for the period.
During March 2013, the company's net income, however, slid 3% to $74.2 million, or $0.12 per share, from $76.3 million, or $0.13 per share in March 2012. On the other hand, monthly net premiums written went up 7% to $1.42 billion, and net premiums earned advanced by 8% year-over-year to $1.3 billion.
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