First Quarter 2015 Earnings for PRA Group Rise Sharply

NORFOLK, Va., — PRA Group (Nasdaq:PRAA), a global leader in acquiring defaulted receivables, today reported its financial results for the first quarter of 2015.

First Quarter Highlights

• Cash collections of $399.7 million, up 28% from the first quarter of 2014.
• Revenues of $245.2 million, up 26%.
• Income from operations of $96.2 million, up 34%.
• Net income of $58.1 million, up 42%.
• $1.19 diluted earnings per share, compared with $0.81 in the year-ago quarter, up 47%.
• 30.1% return on average equity, annualized.
• $212.9 million in investments.

“We are very pleased with the strong start to 2015. Our investment levels continue to be high, setting a record of $139 million in core portfolios in the Americas,” said Steve Fredrickson, chairman, president and chief executive officer, PRA Group. “PRA Group also produced another record by collecting almost $400 million during the period. This quarter produced the type of results we look to deliver and we will work hard to continue this momentum through the year.”

Read the full release here.