Progressive Corp. (PGR), a provider of personal and commercial automobile insurance, announced Thursday a fall in second quarter profit compared to last year. The company also reported a 58% drop in net income for the month of June.
Second quarter net income for the Mayfield Village, Ohio-based company dropped 24% to $215.5 million, or $0.32 per share, from $283.7 million, or $0.39 per share, in the comparable period last year, and came in below the average Street estimate of $0.37 per share.
Net premiums written slipped 1% to $3.51 billion for the quarter, and net premiums earned decreased 3% to $3.41 billion from $3,509.2 million. On average, eight analysts polled by First Call/Thomson Financial expected the company to report revenues of $3.53 billion.
The company also reported a decline in net income for June 2008 to $27.3 million, or $0.04 per share, from $65.4 million, or $0.09 per share, in last June. Total revenues for June were $1,062.4 million. Net premiums written were 1% lower at $1,046.6 million in June compared to $1,056.6 million last year.
PGR is currently trading down $1.05 or 5.24% at $19.00 on a volume of 4.01 million shares.
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