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.”