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Sep 30, 2023
Prog Holdings Q3 2023 Earnings Report
Exceeded expectations in Q3 2023 and raised full-year financial outlook.
Key Takeaways
PROG Holdings' Q3 2023 results surpassed expectations, driven by strong portfolio performance and disciplined SG&A management. Consolidated revenues reached $582.9 million, with net earnings of $35.0 million and a non-GAAP diluted EPS of $0.90.
Consolidated revenues were $582.9 million.
Earnings before taxes reached $48.1 million.
Adjusted EBITDA increased 10.4% year-over-year to $71.7 million.
Diluted EPS was $0.76, with a non-GAAP diluted EPS of $0.90, up 32.4% year-over-year.
Revenue by Segment
Forward Guidance
The company is updating its full year 2023 consolidated earnings and revenue outlook due to higher-than-expected performance in the third quarter and increased expectations for fourth quarter results.
Positive Outlook
- Total Revenues between $2,380,000 and $2,400,000 (in thousands)
- Net Earnings between 144,500 and 146,500 (in thousands)
- Adjusted EBITDA between 295,000 and 300,000 (in thousands)
- Diluted EPS between 3.06 and 3.16
- Diluted Non-GAAP EPS between 3.55 and 3.65
Challenges Ahead
- Assumes 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.
- PROG Holdings - Total Revenues between $549,137 and $569,137 (in thousands)
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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