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Allstate Earnings: ALL Stock Unmoved Despite Q1 Earnings Beat

Karl Utermohlen

Allstate (NYSE:ALL) reported its latest quarterly earnings results after hours today, bringing in a profit that was stronger than what analysts called for on an adjusted basis, yet ALL stock was not experiencing much movement after hours on Wednesday.

Allstate Earnings

The Northbrook, Ill.-based insurance provider said that for its first quarter of its fiscal 2019, it brought in net income of $1.29 billion. The company added that its earnings came in at $2.30 per share on an adjusted basis when taking into account non-recurring gains.

These results were positive overall for Allstate as the average Wall Street consensus estimate was for the company to bring in adjusted earnings of $2.29 per share, according to a survey of seven analysts conducted by Zacks Investment Research. The company added that its revenue for its first three months of the current fiscal year tallied up to $10.99 billion.

On an adjusted basis, the company’s revenue got up to $10.33 billion.

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It was an uneventful afternoon for ALL stock as shares were largely unmoved after the bell despite the overall strong quarterly earnings performance for the insurance business. Shares had taken a hit of about 1.1% during regular trading hours Wednesday in anticipation of the company’s results.

The current calendar year has been a good one overall for Allstate as the company’s stock price has increased from $81.64 per share at the beginning of the year to now reach $98 per share, marking a 20% improvement year-to-date.

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