MAYFIELD VILLAGE, Ohio (AP) — MAYFIELD VILLAGE, Ohio (AP) — Progressive Corp. (PGR) on Wednesday reported first-quarter net income of $2.82 billion.
On a per-share basis, the Mayfield Village, Ohio-based company said it had net income of $4.80. Earnings, adjusted for investment costs, were $4.96 per share.
The results surpassed Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $4.84 per share.
The insurer posted revenue of $22.19 billion in the period. Its adjusted revenue was $22.31 billion, which also beat Street forecasts. Five analysts surveyed by Zacks expected $22.03 billion.
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