State Auto Financial (STFC) Tops Q2 EPS by 8c, Revenues Beat

State Auto Financial (NASDAQ: STFC) reported Q2 EPS of $0.14, $0.08 better than the analyst estimate of $0.06. Revenue for the quarter came in at $341.7 million versus the consensus estimate of $332.1 million.

STFC’s Chairman, President and CEO Mike LaRocco commented on the quarter as follows:

"Our journey to profitable growth continued this quarter with some significant milestones being achieved. Most notably our largest line, personal auto, was both profitable and growing. We\'ve worked very hard over the last three years to get to this point and with the help of our agency partners, we were successful. In addition, there was also strong growth in our homeowners line. Perhaps most significantly, for our ongoing lines of business, personal and commercial, we achieved a non-catastrophe combined ratio of 91.33. This is a clear indication that our hard work in building our digital only technology, new products and improved claims handling is paying off.

"We will complete the digital rollout for commercial auto and small commercial package by the end of September and we expect to begin to see the benefit of the changes in these lines in the last half of this year, increasing over the coming years.

"There is much work left to be done, but in both the first quarter and more significantly in the second, our momentum is building and our outlook is bright."

For earnings history and earnings-related data on State Auto Financial (STFC) click here.

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