Travelers 2Q profit drops 26 percent, misses forecast

MarketsAssociated Press

The Travelers Cos. (TRV) on Tuesday reported net income that decreased by 26 percent in its second quarter, and missed analysts' expectations.

The New York-based company said earnings dropped to $683 million, or $1.95 per share, from $925 million, or $2.41 per share, in the same quarter a year earlier.

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Earnings, adjusted for non-recurring gains, came to $1.93 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $2.06 per share.

The company said revenue rose 1.6 percent to $6.79 billion from $6.67 billion in the same quarter a year earlier, and beat Wall Street forecasts. Analysts expected $6.53 billion, according to Zacks.

In premarket trading, Travelers shares fell $3.25, or 3.4 percent, to $92.01. Its shares have risen 5.2 percent since the beginning of the year.