Encore Capital Group, Inc. Reports Earnings Results for the Second Quarter and Six Months Ended June 30, 2023
August 02, 2023 at 04:05 pm EDT
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Encore Capital Group, Inc. reported earnings results for the second quarter and six months ended June 30, 2023. For the second quarter, the company reported revenue was USD 323.04 million compared to USD 356.92 million a year ago. Net income was USD 26.31 million compared to USD 60.44 million a year ago. Basic earnings per share from continuing operations was USD 1.11 compared to USD 2.48 a year ago. Diluted earnings per share from continuing operations was USD 1.08 compared to USD 2.29 a year ago.
For the six months, revenue was USD 635.67 million compared to USD 856.6 million a year ago. Net income was USD 44.93 million compared to USD 236.19 million a year ago. Basic earnings per share from continuing operations was USD 1.9 compared to USD 9.63 a year ago. Diluted earnings per share from continuing operations was USD 1.83 compared to USD 8.77 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.
ENCORE CAPITAL GROUP, INC. 
