Financial technology company PROG Holdings (NYSE: PRG) will be announcing earnings results this Wednesday morning. Here’s what investors should know.
PROG beat analysts’ revenue expectations by 2.6% last quarter, reporting revenues of $604.7 million, up 2.1% year on year. It was an exceptional quarter for the company, with a beat of analysts’ EPS estimates and .
Is PROG a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting PROG’s revenue to decline 3.3% year on year to $586.1 million, a reversal from the 4% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.74 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. PROG has a history of exceeding Wall Street’s expectations, beating revenue estimates every single time over the past two years by 1.9% on average.
With PROG being the first among its peers to report earnings this season, we don’t have anywhere else to look to get a hint at how this quarter will unravel for financial services stocks. However, the segment has faced declining investor sentiment as PROG’s peer group is down 4.9% on average over the last month. PROG is down 9.9% during the same time and is heading into earnings with an average analyst price target of $38.57 (compared to the current share price of $31.75).
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