Encore Capital Group: 2Q Earnings Snapshot
SAN DIEGO (AP) _ Encore Capital Group Inc. (ECPG) on Wednesday reported second-quarter profit of $26.3 million.
On a per-share basis, the San Diego-based company said it had profit of $1. Earnings, adjusted for one-time gains and costs, came to $1.33 per share.
The results surpassed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.11 per share.
The provider of debt-management and recovery services posted revenue of $349.7 million in the period, which also beat Street forecasts. Five analysts surveyed by Zacks expected $335.9 million.
Encore Capital Group shares have fallen 16 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $35.55, a fall of 18 percent in the last 12 months.