Encore Capital Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 01, 2023 at 04:10 pm EDT
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Encore Capital Group, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 309.62 million compared to USD 307.75 million a year ago. Net income was USD 19.34 million compared to USD 31.49 million a year ago. Basic earnings per share from continuing operations was USD 0.82 compared to USD 1.31 a year ago. Diluted earnings per share from continuing operations was USD 0.79 compared to USD 1.22 a year ago.
For the nine months, revenue was USD 945.29 million compared to USD 1,164.35 million a year ago. Net income was USD 64.27 million compared to USD 267.68 million a year ago. Basic earnings per share from continuing operations was USD 2.72 compared to USD 11 a year ago. Diluted earnings per share from continuing operations was USD 2.62 compared to USD 10.06 a year ago.
Encore Capital Group, Inc. is an international specialty finance company. The Company provides debt recovery solutions and other related services for consumers across a range of financial assets. Through its subsidiaries, the Company purchases portfolios of consumer receivables from banks, credit unions, and utility providers. It primarily purchases portfolios of defaulted consumer receivables at deep discounts to face value and manage them by working with individuals as they repay their obligations and work toward financial recovery. The Company also provide debt servicing and other portfolio management services to credit originators for non-performing loans in Europe. The Companyâs debt servicing operations include early-stage collections, business process outsourcing and contingent collections for credit originators. The Company mainly provides debt servicing for consumer accounts, but also provides services for business-to-business accounts.