PROG Holdings, Inc. reported strong financial results for the fourth quarter ended December 31, 2024, with consolidated revenues increasing 8.0% year-over-year to $623.3 million. Consolidated net earnings for the quarter were $57.5 million, a significant rise from $18.6 million in the prior year period, partly due to a $27.6 million deferred tax benefit.
Adjusted EBITDA for the fourth quarter was $65.7 million, or 10.5% of revenues, compared to $61.0 million, or 10.6% of revenues, in Q4 2023. Diluted earnings per share reached $1.34, up from $0.41, while non-GAAP diluted earnings per share were $0.80, an increase from $0.72 in the same period last year.
Progressive Leasing's Gross Merchandise Volume (GMV) grew by 9.1% year-over-year to $597.5 million. The provision for lease merchandise write-offs for the quarter was 7.9%, bringing the full-year 2024 write-off rate to 7.5%, which is within the company's targeted annual range of 6%-8%.
For the full year 2024, PROG Holdings reported total revenues of $2.46 billion and net earnings of $197.2 million, or $4.53 per diluted share. The company also issued its full-year 2025 outlook, projecting total revenues between $2.515 billion and $2.590 billion, adjusted EBITDA between $260 million and $280 million, and non-GAAP diluted EPS between $3.10 and $3.50.
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