PRA Group announces Q3 adjusted earnings per share of 53 cents, surpassing consensus estimate of 50 cents.
Reports Q3 revenue $311.14M, consensus $295.77M. "It has now been just over 100 days since I have stepped into the CEO role, and my focus has been on accelerating what is working well and tackling areas of our business that need to be improved," said CEO Martin Sjolund. "During this time, we achieved significant progress against our strategic priorities for the U.S. business that we shared last quarter, including driving cost efficiency, reorganizing our U.S. operations, creating a new talent hub, bringing our headquarters corporate and support staff back to the office, and developing our IT modernization roadmap...Cash collections grew 14% year-over-year, reflecting recent purchases, the continued strong performance of our European business, and growing momentum in our U.S. operational initiatives...Overall, we are heading in the right direction and are focused on continuing to improve the financial performance of our business."
