Post-Earnings Briefing - Progressive

LONDON, May 1, 2015 /PRNewswire/ --

Investor-Edge.com has issued free post-earnings briefing on The Progressive Corp. (NYSE: PGR). On April 15, 2015, the company reported its financial results for Q1 FY15 (period ended March 31, 2015). Click on http://get.Investor-Edge.com/pdf/?c=Progressive&d=01-May-2015&s=PGR to read our free earnings review on The Progressive Corp. (Progressive). During Q1 FY15, the company's total revenues improved 4% Y-o-Y. Further, Progressive's net income came in at $295.6 million, or $0.50 per diluted share. Our free coverage report can be accessed at:

http://get.Investor-Edge.com/pdf/?c=Progressive&d=01-May-2015&s=PGR

Earnings Overview  

During Q1 FY15, Progressive's total revenue grew to $4.90 billion from $4.71 billion in Q1 FY14. The company's total revenue for Q1 FY15 outperformed Bloomberg analysts' forecast of $4.89 billion. Progressive's net premiums written increased 8% to $5.07 billion in Q1 FY15, from $4.68 billion in Q1 FY14. Moreover, net premiums earned in the reported quarter improved 6% to $4.67 billion from $4.40 billion in Q1 FY14. Free research on PGR can be downloaded in PDF format at:

http://get.Investor-Edge.com/pdf/?c=Progressive&d=01-May-2015&s=PGR

In Q1 FY15, Progressive's income before income taxes fell 8% to $443.2 million from $481.8 million in Q1 FY14. The company's reported quarter net income fell 8% Y-o-Y from $321.3 million in Q1 FY4. Diluted net income per share for Q1 FY15 also fell 7% Y-o-Y from $0.54 in Q1 FY14. For Q1 FY15, Bloomberg analysts' had forecasted net income of $268.7 million, or $0.46 per diluted share. Progressive's comprehensive income for Q1 FY15 stood at $321.8 million, or $0.54 per diluted share compared to $320.9 million, or $0.54 per diluted share in Q1 FY14. Additionally, the company's total pretax net realized gains on securities (including net impairment losses) for Q1 FY15 were $33.0 million, down 72%, from $119.4 million in Q1 FY14. The combined ratio for Q1 FY15 came in at 92.7 points as compared to 93.4 points in Q1 FY14.

Progressive also reported net income of $120.7 million, or $0.20 per share, for the month of March 2015, compared to $118.5 million, or $0.20 per share, in March 2014. Combined ratio for March 2015 was 90.0 points compared to 91.8 points in March 2014. Furthermore, Progressive's total personal auto policies for March 2015 increased 2% to 9.45 million from 9.30 million in March 2014. The company's total special lines policies also grew 2% to 4.05 million in March 2015 from 3.98 million in March 2014. Additionally, total commercial lines policies grew 3% Y-o-Y to 522,600 in March 2015 from 509,400 in March 2014. Free research on PGR can be downloaded in PDF format at:

http://get.Investor-Edge.com/pdf/?c=Progressive&d=01-May-2015&s=PGR

As on March 31, 2015, Progressive's debt-to-total capital ratio was 26.2% and the company's book value per share stood at $12.26. Further, the company repurchased 0.9 million shares in March 2015 at an average price of $26.86 per share.

Stock Performance 

On the day of the earnings release, April 15, 2015, Progressive's stock gained 1.64% to end the session at $27.19. Since then, the stock has moved both ways. On the last close, Thursday, April 30, 2015, the company's stock finished at $26.66, up 0.41%. The stock vacillated between $26.57 and $26.85 during the trading session. A total of 4.38 million shares were traded which was above their three months average volume of 3.34 million shares. Over the previous three trading sessions and over the past three months, the company's shares have advanced 0.30% and 2.74%, respectively. However, the stock has fallen by 1.22% on YTD basis. Shares in Progressive are trading above their 200-day moving average of $26.03. Additionally, the stock traded at a PE ratio of 13.53 and has a Relative Strength Index (RSI) of 43.93.

Sneak Peek to Corporate Insider Trading 

In the last one month, there was 1 insider transaction made by one individual. On April 20, 2015, Chief Operating Officer at Progressive, Raymond M. Voelker, disposed 14,400 shares of the company at an average price of $27.10 per share and for a total value of $390,290. Complimentary in-depth research on PGR is available at:

http://get.Investor-Edge.com/pdf/?c=Progressive&d=01-May-2015&s=PGR

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