PRA Group reports Q2 EPS 54c, consensus 8c

Reports Q2 revenue $284.23M, consensus $245.04M. “The second quarter was another important step in demonstrating the turnaround in our U.S. business, delivering against our financial and operational targets for 2024, and positioning the Company for future growth,” said Vikram Atal, president and chief executive officer. “We invested $379 million during the quarter, which represents our third highest quarterly level of purchases over the past five years. This was driven by the continued strength of U.S. portfolio supply coupled with stronger supply in Europe this quarter, with pricing remaining attractive globally. Cash collections grew 13% year-over-year, primarily reflecting higher recent purchases and the positive impact of our cash-generating and operational initiatives in our U.S. business, particularly in our legal collections channel where we have been investing for growth. We also experienced continued cash collections growth in our European business. Our net income for the quarter reflects the progress we have made in executing the turnaround with speed across a broad set of initiatives. Looking ahead, we remain focused on sustaining profitability and positioning the Company for attractive growth in the years to come.”