News Stocks 

Travelers’ stock set to fall after surprise earnings decline offset revenue beat

“Total revenue increased 4% to $7.48 billion, above the FactSet consensus of $6.93 billion, as net written premiums grew 7% to $7.13 billion to beat expectations of $6.92 billion” writes Reporter Editor for marketwatch.com. Core earnings per share fell to $1.81 from $1.92, while the FactSet consensus was for a rise to $2.41.TRV, +0.94% were indicated down more than 2% in premarket trade Thursday, after the insurer reported second-quarter earnings that missed expectations, as catastrophe losses increased, but revenue that beat forecasts as net written premiums rose to a record.The company said absent a severe hurricane season, it expects the second-quarter’s catastrophe loss to be the highest quarterly loss of the year. The stock has shed 4.2% year to date through Wednesday, while the SPDR S&P Insurance ETF KIE, +1.04% has gained 1% and the Dow Jones Industrial Average DJIA, +0.32% has advanced 1.9%.
 
Source: marketwatch.com



Share This:

Related posts