PROG Holdings plunges on downbeat profit forecast

PROG Holdings

16/06/2022 16:39

** Shares of fintech firm PROG Holdings Inc  PRG.N  down
24.1% at $18.20 in mid-morning trade 
    ** Stock, which hit its lowest level since April 2020, will
see its worst day since late 2015, if losses hold 
    ** Co expects FY adjusted EPS between $2.50 and $2.75, below
Wall Street estimates of $3.39, per Refinitiv data  urn:newsml:reuters.com:*:nASA03F2B
    ** "Rampant inflation is imposing significant pressure on
our customers, who are feeling the pain of higher gas, food, and
housing costs" -  CEO Steve Michaels
    ** PRG forecasts FY revenue between $2.59 bln and $2.69 bln
vs analyst estimates of $2.81 bln  
    ** Co adds it is pressured by a challenging operating
environment in the U.S. 
    ** Six of seven brokerages rate the stock "buy" or higher,
one "hold"; their median PT is $44 
    ** Shares down ~60% YTD 

 (Reporting by Manya Saini in Bengaluru)
 ((Manya.Saini@thomsonreuters.com;))