Why Upbound (UPBD) Shares Are Going Up Today - Upbound Group (NASDAQ:UPBD)

Upbound Group, Inc. UPBD reported first-quarter FY23 revenues of $1.02 billion, beating the consensus of $994.16 million. Revenues fell 12.4% year over year.
Adjusted EPS of $0.83 (+12.2% Y/Y) beat the consensus of $0.66.
Solid demand for leasing solutions and top-line trends at both the Rent-A-Center Business and Acima segments boosted quarterly performance. These factors, combined with cost management efforts, resulted in earnings growth.
Adjusted EBITDA increased 12.1% Y/Y to $111.5 million, primarily due to improved gross margin and loss rates for the Acima Segment.
Adjusted EBITDA margin of 11.0% increased 240 basis points compared to the prior year period.
"Looking forward to the rest of the year, we remain cautiously optimistic," said CEO Mitch Fadel.
The company had cash and equivalents worth $171.70 million at quarter-end.
Outlook: UPBD raised its forecast for FY23 Non-GAAP EPS to $2.70 - $3.20 (prior guidance: $2.50-$3.00) versus the consensus of $2.77.
The company continues to see revenues of $3.8 billion-$4 billion against the consensus of $3.91 billion.
Price Action: UPBD shares are trading higher by 12.91% at $30.32 on the last check Thursday.

Why Upbound Shares Are Going Up Today