Encore Capital Group: 3Q Earnings Snapshot
SAN DIEGO (AP) _ Encore Capital Group Inc. (ECPG) on Wednesday reported third-quarter profit of $20.7 million.
The San Diego-based company said it had net income of 69 cents per share. Earnings, adjusted for one-time gains and costs, came to $1.19 per share.
The results met Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for earnings of $1.19 per share.
The provider of debt-management and recovery services posted revenue of $336.8 million in the period, falling short of Street forecasts. Five analysts surveyed by Zacks expected $341.6 million.
Encore Capital Group shares have declined 38 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $26.22, a fall of 45 percent in the last 12 months.