PRA Group Q3 Profit Down

(RTTNews) - PRA Group, Inc. (PRAA), Monday reported third-quarter net income of $34.5 million or $0.76 per share, down from $42.5 million or $0.92 per share last year.

Total revenues for the quarter dropped to $263.7 million from $267.9 million last year.

Analysts polled by Thomson Reuters estimated earnings of $0.72 per share on revenues of $254.39 million for the quarter.

"We deployed almost $400 million in the third quarter, making it one of our largest portfolio purchasing quarters. In Europe, we invested $220 million, where we have seen a very healthy pipeline of deals coming to market and we also secured a large multi-year forward flow agreement. We invested $172 million in the Americas and Australia, highlighted by sizeable portfolio spot purchases in South America, which further demonstrates the benefits of our geographic diversification," said Kevin Stevenson, president and chief executive officer.