PRA Group, Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate Guidance for the Full Year of 2018
August 07, 2018 at 04:05 pm EDT
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PRA Group, Inc. reported consolidated unaudited earnings results for the second quarter and six months ended June 30, 2018. For the quarter, the company reported total revenues of $221,518,000 as compared to $203,653,000 for the same period last year. Income from operations was $55,315,000 as compared to $48,316,000 for the same period last year. Income before income taxes was $25,481,000 as compared to $24,616,000 for the same period last year. Net income was $21,624,000 as compared to $13,850,000 for the same period last year. Net income attributable to PRA Group, Inc. was $19,588,000 as compared to $11,673,000 for the same period last year. Basic and diluted net income per share of $0.43 as compared to $0.25 for the same period last year.
For the six months, the company reported total revenues of $445,626,000 as compared to $412,890,000 for the same period last year. Income from operations was $108,929,000 as compared to $101,573,000 for the same period last year. Income before income taxes was $54,850,000 as compared to $105,640,000 for the same period last year. Net income was $44,856,000 as compared to $63,465,000 for the same period last year. Net income attributable to PRA Group, Inc. was $40,694,000 as compared to $59,840,000 for the same period last year. Diluted net income per share of $0.90 as compared to $1.29 for the same period last year.
The company provided tax rate guidance for the full year of 2018. For the full year of 2018, the tax rate could still be influenced by additional guidance around the GILTI tax and income mixes -- mix differences by country. However, at this time, 18% is best estimate for the full year.
PRA Group, Inc. is a financial and business services company with operations based primarily in the Americas and Europe and Australia. The Companyâs primary business is the purchase, collection and management of portfolios of nonperforming loans. The accounts it purchases are primarily the unpaid obligations of individuals owed to credit originators. It purchases portfolios of nonperforming loans at a discount in two categories: Core and Insolvency. Core operation specializes in purchasing and collecting nonperforming loans, which it purchases since the credit originators have chosen not to pursue, or have been unsuccessful in, collecting the full balance owed. Insolvency operation consists primarily of purchasing and collecting nonperforming loans where the customer is involved in a bankruptcy proceeding, or the equivalent thereof, in certain European countries. It also provides fee-based services on class action claims recoveries in the United States.
PRA Group, Inc. Reports Consolidated Unaudited Earnings Results for the Second Quarter and Six Months Ended June 30, 2018; Provides Tax Rate Guidance for the Full Year of 2018
PRA GROUP, INC. 
