The U.S. property/casualty (P/C) industry recorded a $24.5 billion net underwriting loss in the first half of 2023, nearly eclipsing the $26.5 billion in total losses recorded for all of 2022, according to a new AM Best report. These preliminary results are detailed in a new Best’s Special Report, First Look: 6-Month 2023 US Property/Casualty […]
Progressive Reports Personal Auto Policies in Force Down Slightly for Second Month in a Row
Total personal auto policies in force remain up over 14% from last year. The Progressive Corporation (NYSE:PGR) reported its total personal auto insurance policies in force were 19,642,900 in July. July’s policies in force represent an increase of 14.0% from 17,233,900 in July 2022, but down 0.08% from 19,658,300 in June. Growth appears to have […]
Boyd Group Reports Sales of Over $753 Million in Second Quarter
Overall sales were up more than 22%. Same store sales up almost 19%. Boyd Group Services Inc. (TSE: BYD) today announced sales increased by 22.9% to $753.2 million in the second quarter ended June 30, from $612.8 million in the same period of 2022. Same-store sales increased by 18.9%. The second quarter of 2023 had […]
GEICO Reports Collision Claims Severity 7-9% Higher in First Half of 2023 Compared to Last Year
Frequency was down for first half. Policies in force down 14.4% as company reduces advertising and focuses on profitability. Berkshire Hathaway reported its second quarter earnings, including details about its GEICO subsidiary, the third largest private passenger auto insurer in the U.S. on August 5. GEICO’s pre-tax underwriting earnings in the first six months of […]
Driven Brands Reports Second Quarter Revenue Up 19%
Paint, Collision & Glass segment same-store sales up over 12%. Driven Brands Holdings Inc. (NASDAQ:DRVN) on August 2 reported revenue of $606.9 million for the second quarter ended July 1, up 19% compared to last year. System-wide sales were $1.7 billion, up 18 percent versus the prior year driven by 8 percent same-store sales growth […]
Axalta Reports Sales Up 4.8% in Second Quarter
Axalta Coating Systems Ltd. (NYSE:AXTA) today announced net sales $1.2939 billion in the second quarter ended June 30, up 4.8% year-over-year (YoY) from $1.2349 billion last year. The result was driven by a 6.8% higher average price mix and a 1.6% benefit resulting from the absence of the commercial agreement restructuring charge incurred in Q2 […]
CCC Reports Revenue Up 10% in Second Quarter
CCC Intelligent Solutions Holdings Inc. (NASDAQ:CCCS) today announced total revenue was $211.7 million for the second quarter ended June 30, an increase of 10% from $192.8 million for the second quarter of 2022. GAAP gross profit was $152.6 million, representing a gross margin of 72%, for the second quarter of 2023, compared with $139.9 million, […]
LKQ Reports Revenue of $3.4 Billion in Second Quarter
Revenue was up 3.2% compared to last year and 5.4% on per-day basis. LKQ Corporation (NASDAQ:LKQ) today reported revenue for the second quarter of 2023 was $3.4 billion, an increase of 3.2% as compared to $3.3 billion in the second quarter of 2022. For the second quarter of 2023, parts and services organic revenue increased […]
Sherwin-Williams Reports Record $6.24 Billion Sales in Second Quarter
Automotive refinish sales up high-single digit percentage. The Sherwin-Williams Company (NYSE:SHW) announced consolidated net sales increased 6.3% in the second quarter to a record $6.24 billion. Net sales from stores in U.S. and Canada open more than twelve calendar months increased 9.5% in the quarter. Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 31.4% […]
AkzoNobel Reports Second Quarter Sales of €2.741 Billion
Sales were down 4% compared to last year, but up 3% in constant currencies. Company increases financial guidance for full year. Akzo Nobel N.V. (AKZA; AKZOY) reported revenue of €2.741 billion ($3.023 billion) in the second quarter, down 4% on unfavorable exchange rates but up 3% in constant currencies compared to the second quarter of […]
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