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Jun 30, 2023
Prog Holdings Q2 2023 Earnings Report
Exceeded expectations and raised full-year financial outlook.
Key Takeaways
PROG Holdings reported consolidated revenues of $592.8 million and net earnings of $37.2 million for Q2 2023. The company's adjusted EBITDA increased by 44% year-over-year to $75.0 million, and diluted EPS was $0.79, with non-GAAP diluted EPS reaching $0.92, a 76.9% increase year-over-year.
Consolidated revenues reached $592.8 million.
Earnings before taxes totaled $52.0 million.
Adjusted EBITDA increased 44% year-over-year to $75.0 million.
Non-GAAP Diluted EPS increased 76.9% year-over-year to $0.92.
Revenue by Segment
Forward Guidance
The Company is revising upwards its full year earnings and revenue outlook and providing a Q3 2023 outlook for revenues, net earnings, adjusted EBITDA, GAAP diluted EPS, and non-GAAP diluted EPS.
Positive Outlook
- Improved gross margins from strong portfolio management are expected to continue.
- Total Revenues between $2,360,000 and $2,390,000
- Net Earnings between $125,500 and $133,000
- Adjusted EBITDA between $270,000 and $280,000
- Diluted EPS between $2.64 and $2.80
Challenges Ahead
- Assumes a difficult operating environment with continued soft demand for consumer durable goods.
- Assumes no material changes in the Company's decisioning posture or portfolio performance.
- Assumes no impact from additional share purchases.
- Total Revenues between $560,000 and $575,000 for Q3 2023
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
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