PROG Holdings (PRG) reported second quarter consolidated net earnings of $33.8 million, compared with $37.2 million in the prior year period. Earnings per share was $0.77, compared with $0.79. On a non-GAAP basis, earnings per share were $0.92, flat with last year. On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.72 for the quarter. Analysts' estimates typically exclude special items.
The company said the decline in net earnings was primarily driven by headwinds from portfolio performance returning to more normalized pre-pandemic levels, a smaller portfolio size during the quarter, and $2.9 million of restructuring expense related to cost reduction actions during the second quarter of 2024.
Consolidated revenues remained relatively flat at $592.2 million, a decrease of 0.1% from the same period in 2023. Analysts expected revenue of $571.24 million for the quarter.
For 2024, the company now expects: non-GAAP EPS in a range of $3.25 to $3.40, revised from prior guidance range of $2.85 to $3.10; and total revenues in a range of $2.40 billion to $2.45 billion, revised from prior guidance range of $2.285 billion to $2.36 billion.
For the third quarter, the company expects: non-GAAP EPS in a range of $0.70 to $0.80; and total revenues in a range of $590.0 million to $605.0 million.
Shares of PROG Holdings were up 9% in pre-market trade on Wednesday.
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