1. PRA Group reported a net income of $70.6 million for 2024. 2. Q4 cash collections grew 13% year-over-year, totaling $1.9 billion. 3. Portfolio purchases reached a record high of $1.4 billion, up 22%. 4. 2025 purchase target raised to $1.2 billion, indicating strong market demand. 5. Optimistic outlook for future growth based on improved results and strategic actions.
Strong financial performance and growth in cash collections should positively influence PRAA. Previous results showing consistent growth often correlate with stock price increases.
The article highlights significant financial improvements that could lead to investor confidence and stock performance. Enhancements in portfolio management and projections signal robust operational health.
Sustained profitability and strategic acquisitions signal long-term growth potential for PRAA. Historical examples show that such performance often leads to lasting positive trends in stock price.
NORFOLK, Va., Feb. 19, 2025 /PRNewswire/ -- PRA Group, Inc. (Nasdaq: PRAA) (the "Company"), a global leader in acquiring and collecting nonperforming loans, today reported its financial results for the fourth quarter ("Q4 2024") and full year of 2024.
| Three Months Ended Dec 31, | Year Ended Dec 31, |
|---|---|
| 2024 | 2024 |
| 2023 | 2023 |
| Net income/(loss) attributable to PRA Group, Inc. | $ 18,456 |
| $ (8,782) | $ 70,601 |
| Diluted earnings per share | $ 0.47 |
"2024 was a transformational year reflecting decisive action and rigorous execution, which drove significantly improved results. We expanded our senior leadership team, delivered on our cash-generating and operational initiatives in the U.S., further differentiated our European platform, and strengthened our capital structure," said Vikram Atal, president and chief executive officer.
The following table presents cash collections by quarter and by source on an as reported and constant currency-adjusted basis:
| Cash Collection Source | 2024 | 2023 |
|---|---|---|
| Americas and Australia Core | $ 257,711 | $ 220,127 |
| Americas Insolvency | 24,067 | 24,293 |
| Europe Core | 162,564 | 144,361 |
| Total Cash Collections | $ 468,066 | $ 410,283 |
The Company has updated its financial and operational targets for the full year 2025.
These targets exclude the impact of the Company exercising its right to sell its equity interest in RCB Investimentos S.A., the servicing company for the Company's nonperforming loans in Brazil. This transaction does not impact the Company's ownership of any portfolios in Brazil, and the Company does not expect this to impact its existing operations or future portfolio investment opportunities in this market.
PRA Group, Inc. will hold a conference call today at 5:00 p.m. ET to discuss its financial and operational results. To listen to a webcast of the call and view the accompanying slides, visit PRA Group Events.
As a global leader in acquiring and collecting nonperforming loans, PRA Group, Inc. returns capital to banks and other creditors to help expand financial services for consumers in the Americas, Europe, and Australia.
Statements made herein that are not historical in nature, including PRA Group, Inc.'s or its management's intentions, hopes, beliefs, expectations, representations, projections, plans, or predictions of the future, are forward-looking statements.
Najim Mostamand, CFA
Vice President, Investor Relations
(757) 431-7913
[email protected]
Elizabeth Kersey
Senior Vice President, Communications and Public Policy
(757) 641-0558
[email protected]