PROG Holdings, Inc. (NYSE:PRG) watched its stock prices plunge Wednesday. PROG, the fintech holding company for Progressive Leasing, Vive Financial, Four Technologies, and Build, today announced financial results for the first quarter ended March 31, 2025.
Consolidated revenues were $684.1 million, an increase of 6.6% from the same period in 2024.
Consolidated net earnings were $34.7 million, compared with $22.0 million in the prior year period. The effective income tax rate was 26.5% in the first quarter. Adjusted EBITDA for the quarter was $70.3 million, or 10.3% of revenues, compared with $72.6 million, or 11.3% of revenues for the same period in 2024.
Diluted earnings per share for the first quarter of 2025 were $0.83, compared with $0.49 in the year ago period. On a non-GAAP basis, diluted earnings per share were essentially flat at $0.90 in the first quarter of 2025, compared with $0.91 for the same period in 2024. The Company’s diluted weighted average shares outstanding in the first quarter were 6.0% lower year-over-year.
PROG Holdings ended the first quarter of 2025 with cash of $213.3 million and gross debt of $600.0 million. The Company repurchased $26.1 million of its stock in the quarter at an average price of $27.90 per share, leaving $335.2 million of repurchase capacity under its $500 million share repurchase program. Additionally, the Company paid a quarterly cash dividend of $0.13 per share.
PROG shares lost $1.10, or 4.1%, to $25.49.