PROG Holdings Rises 8% In Pre-market As Q1 Results Beat Street, Outlook Increased

(RTTNews) - Shares of fintech holding company PROG Holdings, Inc. (PRG) were rising more than 8 percent in pre-market on Wednesday to $35.60, after raising full-year outlook as well as reporting first-quarter results that surpassed the consensus estimates.

The company now expects adjusted EPS in the range of $2.85- $3.10 for the full year, up from the previous outlook of $2.70- $3.00. Revenue outlook for the year has been raised to $2.285 billion - $2.360 billion from $2.235 billion- $2.335 billion.

On average, 5 analysts polled by Thomson-Reuters expected the company to report earnings of $2.86 per share on revenue of $2.32 billion for the year.

For the first quarter, PROG reported earnings of $21.97 million, or $0.49 per share. This compares with $48.03 million, or $1.00 per share, in last year's first quarter.

Excluding items, PROG reported adjusted earnings of $40.64 million or $0.91 per share, that beat the Street view of $0.82 per share.

The company's revenue for the quarter fell 2.0% to $641.87 million from $655.14 million last year, but beat the consensus estimate of $633.36 million.

PROG shares had closed at $32.77, up 1.58 percent. The stock has traded in the range of $26.39 - $44.81 in the last 1 year.