Banking, finance, and taxes
Travelers Stumbles, But Still Beats Estimates (TRV)
Published:
The Travelers Companies Inc. (NYSE: TRV) reported first quarter earnings this morning that were lower than for the same period a year ago, but well above consensus estimates. The company posted revenue of $6.4 billion compared with an estimate of $5.7 billion and $6.3 billion in the same period a year ago.
EPS came in at $2.02, well above the consensus estimate of $1.52 and higher than last year’s $1.92. Net income was lower this year, however, at $806 million compared with $839 million a year ago.
The company reported that it was able to increase premium prices in each of its divisions, and Travelers intends to keep working on the prices it charges for insurance given other difficulties. The CEO said:
Given that low investment yields and unusual weather patterns have continued, we remain committed to actively, but selectively, seeking price increases and improved terms and conditions in order to continue to improve returns.
Shares are up 2.9% in the pre-market this morning, at $61.20 in a 52-week range of $45.97-$64.17.
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