PROG Holdings, Inc. (NYSE:PRG) shares are trading lower after the company cut forward-year 2022 adjusted earnings-per-share and sales guidance below estimates.
The company's revised consolidated annual outlook for 2022 is as follows cutting forward-year 2022 adjusted earnings-per-share guidance from $3.25-$3.70 to $2.50-$2.75 versus a $3.39 estimate. Also cutting forward-year 2022 sales guidance from $2.79-$2.90 billion To $2.59-$2.69 billion versus a $2.81 billion estimate.
PROG Holdings President and CEO Steve Michaels commented. “Rampant inflation is imposing significant pressure on our customers, who are feeling the pain of higher gas, food, and housing costs more significantly than those with higher incomes, as a larger portion of their paychecks are now being consumed by necessities. As a result, key national and regional point-of-sale partners are seeing a decrease in demand from our customer base.”
PROG Holdings Inc is a provider of lease-purchase solutions through more than 30,000 retail partner locations in 46 states and the District of Columbia, including e-commerce merchants.
PRG Price Action: PROG Holdings, Inc. has traded between $21.39 and $19.51 over a 52-week period.
The stock was trading about 18.8% lower at $19.48 per share on Thursday at the time of publication.
