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But Portfolio Recovery Associates reported good results late Tuesday (“Portfolio Recovery Earns $10.1 million in Tricky First Quarter,” April 29). And Encore Capital Group late Wednesday reported even better results ("Encore Capital Shares Soar on Strong First Quarter Results," April 30). Asset Acceptance is due to report earnings Thursday.
Much of the good news can be attributed to the seasonality of the collection business. The first quarter of the year is a good time for collectors as tax refund checks find their way into consumers’ wallets. Portfolio Recovery even specifically mentioned a focused mailing campaign aimed at tax refunds in its earnings conference call.
Even with the power of the first quarter on their side, PRA and Encore still bested their internal projections. And both reported robust spending on debt portfolios. So maybe 2009 will shape up a little better than many in the ARM industry had expected. The second quarter will probably be more telling.
Publicly Traded Debt Buyers
April 30, 2009 — With everyone very well aware of the ongoing recession, expectations for the handful of publicly traded ARM companies was low. With the ARM units of larger companies like Sallie Mae and West Corp. reporting mixed results, expectations were perhaps further tempered.But Portfolio Recovery Associates reported good results late Tuesday (“Portfolio Recovery Earns $10.1 million in Tricky First Quarter,” April 29). And Encore Capital Group late Wednesday reported even better results ("Encore Capital Shares Soar on Strong First Quarter Results," April 30). Asset Acceptance is due to report earnings Thursday.
Much of the good news can be attributed to the seasonality of the collection business. The first quarter of the year is a good time for collectors as tax refund checks find their way into consumers’ wallets. Portfolio Recovery even specifically mentioned a focused mailing campaign aimed at tax refunds in its earnings conference call.
Even with the power of the first quarter on their side, PRA and Encore still bested their internal projections. And both reported robust spending on debt portfolios. So maybe 2009 will shape up a little better than many in the ARM industry had expected. The second quarter will probably be more telling.
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