PROG Holdings Jumps On Upbeat Earnings, Raised Outlook

(RTTNews) - Shares of PROG Holdings, Inc. (PRG), a holding company providing commercial equipment finance and leasing services, are rising more than 22% Wednesday morning after reporting second-quarter results, better than the consensus estimates. The company also raised its full-year outlook, above analysts' view.

Profit for the second quarter increased to $37.2 million or $0.79 per share from $19.5 million or $0.37 per share a year ago.

Excluding one-time items, earnings were $0.92 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.65 per share.

Revenues for the second quarter were $592.8 million, a decrease of 8.7% from the same period last year. The consensus estimate was for $573.2 million.

For the full year, the company has raised its revenue as well as earnings outlook.

The company now sees full-year revenue to be in the range of $2.36 billion-$2.39 billion, up from the previous outlook of $2.3 billion-$2.375 billion provided earlier.

Adjusted EPS for the year is expected between $3.10-3.25, compared with prior outlook of $2.50-$2.77.

Analysts expect the company to report earnings of $2.67 per share on revenue of $2.34 billion for the year.

PRG, currently at $44.35, has traded in the range of $12.11 - $44.81 in the last 1 year.