Shares of PROG Holdings, Inc. (PRG), a financial technology holding company, are rising more than 10% Wednesday morning after reporting better-than-expected third-quarter results. The company also raised its full-year outlook.
Net earnings for the quarter increased to $35.01 million or $0.76 per share from $16.01 million or $0.32 per share in the prior year period.
On a non-GAAP basis, earnings per share were $0.90, that beat the average estimate of analysts polled by Thomson-Reuters of $0.63 per share.
Revenues for the quarter were $582.88 million, a decrease of 6.9% from the same period last year, but stood above consensus estimate of $570.03 million.
The company now expects full-year adjusted EPS to be in the range of $3.55- $3.65, up from the previous outlook of $3.10- $3.25.
Revenue outlook for the year has been raised to $2.38 billion - $2.4 billion from $2.36 billion- $2.39 billion.
Analysts expect the company to report earnings of $3.21 per share on revenue of $2.38 billion for the year.
PRG, currently at $31.59, has traded in the range of $12.92 - $44.81 in the last 52 weeks.
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