PRA Group (NASDAQ: PRAA) reported Q3 EPS of $0.55, $0.09 better than the analyst estimate of $0.46. Revenue for the quarter came in at $250.01 million versus the consensus estimate of $256.18 million.

Third Quarter Highlights

• Global cash collections of $453.2 million increased 16%, or 18% on a currency adjusted basis, compared to the third quarter of 2018.
• Estimated Remaining Collections (ERC) of $6.4 billion which increased $584.0 million, or 10% compared to the third quarter of 2018.
• Total investment for the quarter of $279.0 million, a 17% increase compared to the third quarter of 2018 driven primarily by an improving investment environment in Europe.
• Income recognized on finance receivables of $247.5 million, an 11% increase compared to the third quarter of 2018.
• Income from operations of $64.7 million, an increase of 47% compared to the third quarter of 2018.
• Cash efficiency ratio of 60.2% during the quarter, compared to 55.7% in the third quarter of 2018.

"PRA continued to benefit from our long-term focus and disciplined approach to the business. We were patient and waited for significant changes in pricing across Europe to occur and are now investing strongly in most geographies. It has been our long-held philosophy that to be successful, we must be both an accurate and disciplined investor as well as an efficient and compliant collector," said Kevin Stevenson, president and chief executive officer. "In the U.S., we are benefiting from the results of our past investments in the legal channel and increasing operating leverage through advancements in collection technologies and processes including the continued build out of digital capabilities. In Europe, we had a similar operational focus that ensured we were prepared to efficiently capitalize on this improving market. As a result, global cash collections, total revenues, and income from operations grew at double digit rates."

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