UPDATE 1-First Cash profit rises on strong pawn lending
July 18 |
July 18 (Reuters) - Pawn and payday lender First Cash Financial Services Inc's quarterly profit rose as the company earned more from its pawn operations.
The company last month acquired 24 full-format pawn stores operating under the "Mister Money" brand, taking its store footprint from eight states to 12.
The company maintained its earnings forecast of $2.70 to $2.75 per share for the year.
Net income from continuing operations for April-June rose to $16.3 million, or 56 cents per share, from $15.2 million, or 48 cents per share, a year earlier.
Revenue rose 18 percent to $132.8 million on a constant currency basis.
Analysts had expected the company to post a profit of 56 cents per share on revenue of $133.2 million, according to Thomson Reuters I/B/E/S.
The Arlington, Texas-based company's shares closed at $41.26 on Tuesday on the Nasdaq.
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