PROG Holdings, Inc. announced its financial results for the third quarter ended September 30, 2024, reporting consolidated revenues of $606.1 million, an increase of 4.0% compared to the same period in 2023. Consolidated net earnings for the quarter reached $84.0 million, significantly higher than $35.0 million in the prior year, primarily due to a $53.6 million non-cash, net tax benefit.
The company's Adjusted EBITDA for the quarter was $63.5 million, or 10.5% of revenues, a decrease from $71.7 million, or 12.3% of revenues, in Q3 2023. This decline was attributed to a higher number of customers exercising their 90-day purchase options. Diluted earnings per share were $1.94, compared to $0.76 in the year-ago period, while non-GAAP diluted earnings per share were $0.77, down from $0.90.
Progressive Leasing, a key segment, reported Gross Merchandise Volume (GMV) of $456.7 million, an increase of 11.6% year-over-year. The provision for lease merchandise write-offs was 7.7%, remaining within the company's targeted annual range of 6%-8%.
PROG Holdings updated its full-year 2024 outlook, projecting total revenues between $2.44 billion and $2.46 billion, and adjusted EBITDA between $270 million and $275 million. Non-GAAP diluted EPS is expected to be in the range of $3.30 to $3.40. For the fourth quarter of 2024, the company anticipates revenues between $599.8 million and $619.8 million, with non-GAAP diluted EPS between $0.70 and $0.80.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.