Prog Holdings, a leading financial technology company, experienced a significant rally in its stock price following the release of impressive financial results for the second quarter of this year. The company, which operates various consumer lending businesses both online and in-person, including Progressive Leasing, reported a substantial increase in net income compared to the same period last year.
Strong Second Quarter Performance
For the second quarter that ended on June 30, Prog Holdings revealed a net income of $37.2 million, equivalent to 79 cents per share. This represents substantial growth from the $19.5 million in net income, or 37 cents per share, reported during the same period last year.
Positive Projections for the Third Quarter
Prog Holdings has also provided its projected earnings for the third quarter. Adjusted earnings per share are expected to range between 58 cents and 67 cents. On a GAAP basis, earnings per share are projected to be between 46 cents and 55 cents.
Raised Projections for 2023
In addition to the impressive quarterly results, Prog Holdings has raised its earnings target for the year 2023. The company now forecasts earnings between $125.5 million and $133 million, compared to the previous estimate of $99.5 million and $112.5 million. Furthermore, Prog Holdings now expects its revenue for 2023 to reach between $2.36 billion and $2.39 billion, up from the previous estimate of $2.3 billion to $2.38 billion.
Investor Confidence Surges
The positive news of Prog Holdings’ strong financial performance has resulted in a surge of investor confidence, leading to a further 10% increase in its stock price during pre-market trading. As of now, shares of Prog Holdings have more than doubled since the beginning of the year, currently trading at $40.
