PROG Q3 Misses on Both Lines: EPS $1.06 vs $1.09, Revenue $725.8M vs $737.8M
PRG sits 16% above its 52-week low of $25.18.
Summary
PROG posted Q3 adjusted EPS of $1.06 against a $1.09 consensus and revenue of $725.78 million versus $737.83 million expected — a miss on both lines. Revenue still grew 22% year over year, helped by the Purchasing Power acquisition, and GAAP EPS was $0.91 on net income of $37.48 million. The miss lands after two straight beats (Q2 $1.19 vs $0.95, Q1 $1.24 vs $0.80), and analysts had already trimmed the mean estimate about 3% over the past three months with one negative revision in the last 30 days. It also follows Jehoshaphat Research's short report on October 7 that knocked the stock down, and comes alongside the $100 million accelerated buyback and $500 million authorization announced this morning. Shares are at $29.14, well below the $50 median price target.
At the time of this announcement, PRG was trading at $29.14 on NYSE in the Finance sector, with a market capitalization of approximately $1.2B. The 52-week trading range was $25.18 to $47.73. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Reuters.