PRA Group, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 06, 2023 at 04:05 pm EST
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PRA 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 216.43 million compared to USD 244.81 million a year ago. Net loss was USD 12.26 million compared to net income of USD 24.73 million a year ago. Basic loss per share from continuing operations was USD 0.31 compared to basic earnings per share from continuing operations of USD 0.63 a year ago. Diluted loss per share from continuing operations was USD 0.31 compared to diluted earnings per share from continuing operations of USD 0.63 a year ago.
For the nine months, revenue was USD 581.14 million compared to USD 743.67 million a year ago. Net loss was USD 74.7 million compared to net income of USD 101.19 million a year ago. Basic loss per share from continuing operations was USD 1.91 compared to basic earnings per share from continuing operations of USD 2.54 a year ago. Diluted loss per share from continuing operations was USD 1.91 compared to diluted earnings per share from continuing operations of USD 2.52 a year ago.
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. 
