PRA Group reports Q2 EPS (10c), consensus (14c)

Reports Q2 revenue $209.24M, consensus $205.1M. “The Q2 was an important and positive step in the right direction, as we remain focused on driving organic growth, optimizing business processes, and further capitalizing on the increase in the supply of portfolios with improved pricing,” said Vikram Atal, president and CEO. “Cash collections exceeded our internal expectations, primarily driven by the strength of our European operations. During the quarter, we purchased $328M of portfolios globally, which represents a record amount for a second quarter in the Company’s history. The recent improvements in U.S. supply, pricing, and returns have enabled us to gradually increase our investment levels in that market, while investments in Europe remain healthy. Our balance sheet remains strong, and we have the funding capacity to continue growing ERC. Overall, we believe we are laying the foundation for a stronger, profitable, and higher performing PRA.”