PROG Holdings reported a strong third quarter, exceeding revenue and earnings expectations driven by robust demand in its BNPL segment, despite challenges in its leasing business.
- Non-GAAP EPS reached $0.90, surpassing guidance of $0.70 to $0.75, marking the company's third consecutive earnings beat.
- Consolidated revenue totaled $590.1 million, impacted by the Big Lots bankruptcy but bolstered by impressive triple-digit growth from four Technologies.
- Portfolio write-offs improved to 7.4%, remaining within the target range, indicating effective risk management amidst inflationary pressures.
- The sale of the Vive Financial portfolio to Atlantica Holdings strengthens the balance sheet and enhances capital efficiency for future investments.
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