State Auto Financial (STFC) Misses Q1 EPS by 3c, Revenues Beat

State Auto Financial (NASDAQ: STFC) reported Q1 EPS of $0.31, $0.03 worse than the analyst estimate of $0.34. Revenue for the quarter came in at $367.6 million versus the consensus estimate of $328.3 million.

• Quarterly earnings of $1.12 per share
• Quarterly net income from operations1 of $0.31 per share
• Quarterly GAAP combined ratio of 99.7
• Return on equity of 7.5%
• Book value per share of $20.67

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

"We once again delivered profitable growth during first quarter 2019, following our strong 2018 results. The personal and commercial segments\' combined ratio for the first quarter was 99.7, a 1.7-point improvement over first quarter 2018, largely driven by personal auto, small commercial package and workers compensation. Our go forward lines delivered a 9.2% increase in net written premium. Our distribution partners clearly see the value in our products and platform and are responding.

"This was a solid start to 2019. The trends we\'re seeing in both growth and losses are positive, and our focused improvements in pricing and claim handling are producing results. We\'re delivering innovative approaches to every aspect of our business. Our smart home product is now live in nine states, and we made significant progress toward launching a pilot program to make the property inspection process easier for our customers, and more efficient. Our use of robotic process automation is getting attention and gathering steam, with more than 50 bots now in production.

"State Auto is a different company than it was just four years ago. Now a customer-focused organization that\'s an insurance technology leader – and growing profitably."

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

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