NORTHBROOK, Ill. (AP) 鈥� NORTHBROOK, Ill. (AP) 鈥� Allstate Corp. (ALL) on Wednesday reported first-quarter net income of $2.46 billion.
On a per-share basis, the Northbrook, Illinois-based company said it had profit of $9.25. Earnings, adjusted for one-time gains and costs, came to $10.65 per share.
The results topped Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of $7.43 per share.
The insurer posted revenue of $16.94 billion in the period. Its adjusted revenue was $17.35 billion, falling short of Street forecasts. Three analysts surveyed by Zacks expected $17.7 billion.
Allstate shares have risen 2% since the beginning of the year, while the S&P’s 500 index has risen 4%. In the final minutes of trading on Wednesday, shares hit $212.33, an increase of nearly 7% in the last 12 months.
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