Allstate Shares Rise On Earnings Beat, Share Buyback Program

By Wallace Witkowski Markets MarketWatch Pulse

Allstate Corp. shares rose in the extended session Tuesday after the insurance company reported quarterly results that topped Wall Street estimates and a share buyback program. Allstate shares rose 3.5% to $94.21 after hours. The company reported second-quarter net income of $550 million, or $1.49 a share, compared to $242 million, or 64 cents a share, in the year-ago period. Operating earnings were $1.38 a share. Revenue rose to $9.59 billion from $9.16 billion in the year-ago period. Analysts surveyed by FactSet had estimated 88 cents a share on revenue of $8.31 billion. Allstate also announced its board had approved a $2 billion share buyback program, which is expected to conclude by February 2019.

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