Why Allstate Stock Is Up Today
Allstate (NYSE: ALL) shareholders were in good hands this earnings season. The company easily topped expectations in the fourth quarter, helping to send the stock up as much as 6% in Thursday trading.
It has been a relatively mild winter in North America, and that has been a big boost to home and auto insurers like Allstate. The company earned $5.82 per share in the fourth quarter on revenue of $14.83 billion, beating Wall Street's consensus $3.99 per share on $12.94 billion in sales estimate.
The company reported net income of $1.5 billion in the quarter, which CEO Tom Wilson attributed to "improved auto profitability and mild weather." Revenue was up 8.7% year over year, fueled by a $1.2 billion increase in property/liability premiums due to strong pricing power.
Source Fool.com
