Encore Capital Group: 3Q Earnings Snapshot
SAN DIEGO (AP) _ Encore Capital Group Inc. (ECPG) on Monday reported third-quarter profit of $54.7 million.
On a per-share basis, the San Diego-based company said it had net income of $1.72. Earnings, adjusted for non-recurring costs and amortization costs, were $2.31 per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.19 per share.
The provider of debt-management and recovery services posted revenue of $403.7 million in the period, also topping Street forecasts. Five analysts surveyed by Zacks expected $365.2 million.
Encore Capital Group shares have declined roughly 5% since the beginning of the year. In the final minutes of trading on Monday, shares hit $33.74, a climb of roughly 2% in the last 12 months.