Travelers 2Q profit drops 26 percent, misses forecast

NEW YORK – 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.

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.