For the second quarter of 2017, Allstate Corp. posted earnings that far exceeded initial estimates.
The company said that its earnings (adjusted for non-recurring gains) were at $1.38 per share – a bottom line of $510 million. The result reflects a 117% year-over-year increase over the same period last year, which was $0.62 per share, or $235 million.
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Reuters reported that analysts initially pegged Allstate to earn $0.92 per share for the second quarter. Other analysts had projected 88 cents a share on revenue of $8.31 billion, while some said 90 cents per share.
Allstate also reported that its revenue for the quarter increased 4.7% to $9.59 billion – up from $9.16 billion in Q2 2016.
The Associated Press noted that Allstate shares have increased 23% since the start of this year. The company’s S&P 500 index surged 11% in the final minutes of trading yesterday – shares came in at $91, a 33% increase over the last 12 months.
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