State Auto Financial (STFC) Tops Q3 EPS by 11c, Revenues Beat

State Auto Financial (NASDAQ: STFC) reported Q3 EPS of $0.44, $0.11 better than the analyst estimate of $0.33. Revenue for the quarter came in at $346 million versus the consensus estimate of $329.9 million.

• Quarterly earnings of $0.76 per share
• Quarterly income from operations1 of $0.44 per share
• Quarterly GAAP combined ratio of 98.4
• Return on equity of 3.0%
• Book value per share of $20.24

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

“We began a journey to transform State Auto in 2015. We rebuilt the foundation of our company with the culture required to deliver on our simple yet powerful goal of profitable growth. Just 14 months later, we began the rollout of a new digital platform for personal lines, and later for commercial lines. Our agents and customers responded with strong quote volume and a remarkable increase in new business.

“Third quarter 2018 delivered proof that we can grow and be profitable, and now I can definitively say that after three and a half years, the turnaround phase of our journey is complete. To be clear, we have a long way to go. A single quarter isn’t enough to declare victory, and the goals for the next phase of our journey are very ambitious. We can and we will be better.

“I’m extremely proud of our team and our independent agents. Together, we’ve returned State Auto to relevance in the property and casualty insurance industry, and we’re better prepared than ever to compete in an industry undergoing transformational change. Going forward, we’ll continue to build out our digital platform, improve the competitiveness of our products and provide outstanding service to our customers."

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

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