We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
PRA Group's (PRAA) Q1 Earnings Beat Estimates, Improve Y/Y
Read MoreHide Full Article
PRA Group, Inc.’s (PRAA - Free Report) first-quarter 2021 earnings per share of $1.27 beat the Zacks Consensus Estimate of 75 cents by 69.3%. Moreover, the bottom line skyrocketed 202.4% year over year, primarily owing to an improved top line.
Also, revenues of $289 million were up 14.7% from the year-ago quarter, courtesy of higher changes in expected recoveries and other revenues.
Further, the top line surpassed the Zacks Consensus Estimate by 7.9%. The company’s cash collection of $555.9 climbed 12% from the year-ago figure on the back of an increase in U.S. call center and other cash collections along with better Europe cash collections. However, the same was partly offset by a decline in U.S. legal and Americas Insolvency cash collections.
Of the finance sector players that have reported first-quarter earnings so far, the bottom-line results of American Express Company (AXP - Free Report) , Synchrony Financial (SYF - Free Report) and Discover Financial Services (DFS - Free Report) beat the respective Zacks Consensus Estimate.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond. Click here to download this report FREE >>
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
PRA Group's (PRAA) Q1 Earnings Beat Estimates, Improve Y/Y
PRA Group, Inc.’s (PRAA - Free Report) first-quarter 2021 earnings per share of $1.27 beat the Zacks Consensus Estimate of 75 cents by 69.3%. Moreover, the bottom line skyrocketed 202.4% year over year, primarily owing to an improved top line.
Also, revenues of $289 million were up 14.7% from the year-ago quarter, courtesy of higher changes in expected recoveries and other revenues.
Further, the top line surpassed the Zacks Consensus Estimate by 7.9%.
The company’s cash collection of $555.9 climbed 12% from the year-ago figure on the back of an increase in U.S. call center and other cash collections along with better Europe cash collections. However, the same was partly offset by a decline in U.S. legal and Americas Insolvency cash collections.
PRA Group, Inc. Price, Consensus and EPS Surprise
PRA Group, Inc. price-consensus-eps-surprise-chart | PRA Group, Inc. Quote
Quarterly Operational Update
PRA Group’s fee income of $2.1 million dipped 1.3% year over year.
The company’s portfolio income came in at $231.7 million in the quarter under review, down 11.6% year over year.
Total operating expenses dropped 6.6% year over year to $178.7 million, mainly on lower legal collection costs.
Moreover, the same was offset by a surge in agency fees, primarily outside the United States.
Business Update
The company spent $159 million on finance receivables in the quarter under review.
Financial Update (as of Mar 31, 2021)
The company had total assets worth $4.3 billion, down 3.9% from the level at 2020 end.
PRA Group exited the quarter with total equity of $1.4 billion, up 2.2% from the level on Dec 31, 2020.
Cash and cash equivalents in the quarter under discussion were $92.8 million, down 14.6% from the level at 2020 end.
At the end of the first quarter, borrowings decreased 6% to $2.5 billion from the number at 2020 end.
Zacks Rank and Performance of Other Players
PRA Group currently has a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Of the finance sector players that have reported first-quarter earnings so far, the bottom-line results of American Express Company (AXP - Free Report) , Synchrony Financial (SYF - Free Report) and Discover Financial Services (DFS - Free Report) beat the respective Zacks Consensus Estimate.
+1,500% Growth: One of 2021’s Most Exciting Investment Opportunities
In addition to the stocks you read about above, would you like to see Zacks’ top picks to capitalize on the Internet of Things (IoT)? It is one of the fastest-growing technologies in history, with an estimated 77 billion devices to be connected by 2025. That works out to 127 new devices per second.
Zacks has released a special report to help you capitalize on the Internet of Things’s exponential growth. It reveals 4 under-the-radar stocks that could be some of the most profitable holdings in your portfolio in 2021 and beyond.
Click here to download this report FREE >>