By Denny Jacob
Prog Holdings, a leading fintech holding company, reported impressive quarterly earnings and raised its outlook for 2023. As a result, shares in the company rose by 2.4% to $29.16.
Strong Q3 Earnings
For the third quarter ended September 30, Prog Holdings recorded earnings of approximately $35 million, or 76 cents per share. This represents a significant increase compared to earnings of $16 million, or 32 cents per share, during the same period last year. Adjusted earnings came in at 90 cents per share, surpassing analysts’ estimates of 63 cents per share.
Despite a slight decline in revenue from $625.8 million to $582.9 million, Prog Holdings exceeded expectations. Analysts polled by FactSet anticipated revenue of $570.1 million.
Improved Outlook for 2023
In addition to its strong performance in Q3, Prog Holdings also raised its outlook for 2023. The company’s new revenue forecast ranges between $2.38 billion and $2.4 billion, an upgrade from the previous range of $2.36 billion to $2.39 billion. Adjusted earnings for the period are now expected to be in the range of $3.55 to $3.65 per share, compared to the previous outlook of $3.10 to $3.25 per share.
Chief Executive Steve Michaels attributes the company’s robust earnings performance to the active management of their lease portfolio and their customers’ adaptability in a higher inflationary environment.