MAYFIELD VILLAGE, Ohio (AP) _ Progressive Corp. (PGR) on Tuesday reported first-quarter profit of $424.3 million.
On a per-share basis, the Mayfield Village, Ohio-based company said it had profit of 73 cents. Earnings, adjusted for non-recurring gains, were 67 cents per share.
The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 68 cents per share.
The insurer posted revenue of $6.32 billion in the period. Its adjusted revenue was $6.27 billion, exceeding Street forecasts. Four analysts surveyed by Zacks expected $6.15 billion.
Progressive shares have climbed nearly 10 percent since the beginning of the year, while the Standard & Poor's 500 index has increased nearly 5 percent. The stock has climbed 16 percent in the last 12 months.