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PROG Holdings, Inc. (PRG) stock climbed in the premarket: Why is it so?

Shares of the PROG Holdings, Inc. (PRG) stock climbed in the premarket following the announcement of third-quarter 2021 financial results. PRG stock price saw a push of 16.00% to reach $47.79 a share at the time of this writing. The stock was gloomy in the previous trade and went down by 3.31% at closing. Let’s deep dive to explore more about this stock.

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Third Quarter 2021 Financial Results:

  • PRG stock reported $650.4 million in consolidated net revenue in the third quarter of 2021, 6.4% higher than the same period of the previous year. eCommerce penetration and growth from large national partners led to the growth of consolidated revenue.
  • The PROG stock reported an increase of 9.9% in Progressive Leasing’s GMV to reach $493.3 million in the reported quarter compared with the same tenure of the previous year.
  • Consolidated net earnings of the PRG stock from continuing operations reached $57.4 million in the third quarter of 2021. This compares to the $74.6 million net earnings in the same tenure of the previous year.
  • Adjusted EBITDA reached $93.6 million during the third quarter of 2021 as compared to $110.6 million in the same tenure of the previous year.
  • PRG stock recorded $0.86 diluted earnings per share from continuing operations in the reported quarter. This compares to $1.10 diluted earnings per share in the same quarter of last year.
  • On a GAAP basis, PRG stock reported $0.94 diluted earnings per share in the third quarter of 2021 as compared to $1.17 in the same quarter of last year.
  • By the end of the third quarter, PRG stock had $128.8 million in cash and debt of $50 million.

Outlook of PRG stock:

The PROG stock has projected its revenue between 2.68 billion to $2.70 billion for the full year 2021. The adjusted EBITDA of the company is estimated to be between $390 million to $395 million. The company expects its diluted EPS in the range of $3.90 and $3.99 and GAAP diluted EPS in the range of $3.62 and $3.71.

PRG stock to purchase $425 million of common stock:

PRG stock also announced today that it intends to launch a modified Dutch auction” tender offer in order to buy its common stock worth $425 million. The company announced an anticipated minimum cash price of $44.00 per share and a maximum cash price of $50.00 per share. The stock is anticipating starting the tender offer on November 4, 2021, which will expire on December 3, 2021. This move of the company is representing the evolution of its capital allocation.

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