The Vaughan, Ontario-based company said in a news release its net earnings fell to $28.4 million, compared with $36.6 million in the year-ago period. Revenue rose 1.3 percent to $475.4 million for the period ended June 30, compared with $469.5 million in 2011.
For the first half, net income fell 16 percent to $50.4 million compared with $59.7 million a year ago. Revenue increased 2.4 percent to $913.7 million from $892.4 million.
"In the second quarter, I am pleased that our core business continued to demonstrate resilience in the face of this challenging economic environment,” said Joseph Quarin, Progressive vice chairman and CEO. As for the struggling business in the northeast United States he said, “We are executing on plans that we expect will improve our financial results … going forward.”
He said the company is on track to meet the lower end of its guidance for the year with revenue at $1.88 billion and earnings before interest, tax and amortization (EBITA) of $535 million.