Pawn shop chain First Cash 3Q profit up 3 percent
ARLINGTON, Texas (AP) — First Cash Financial Services Inc.'s third-quarter net income rose 3 percent as the company made more money from its pawn shops and fees and saw continued strength in Mexico.
The pawn shop chain and payday lender earned $18.9 million, or 64 cents per share, in the three months ended on Sept. 30, compared with $18.4 million, or 59 cents per share, in the prior-year period.
Earnings from continuing operations rose to 67 cents per share from 58 cents per share, matching analyst expectations.
Revenue increased 13 percent to $149.7 million from $132.9 million as pawn fees and merchandise sales rose. Wall Street forecast $152.7 million, according to a FactSet poll.
Revenue from Mexico, which made up 54 percent of total revenue, rose 19 percent when stripping out the effect of changes in currency values.
First Cash added 36 pawn stores during the quarter, including 18 new stores in Mexico. It owns and runs 812 stores in the U.S. and Mexico.
The Arlington, Texas, company maintained its full-year earnings forecast of $2.70 to $2.75 per share. Analysts predict $2.73 per share.