PRA Group (NASDAQ: PRAA) reported Q1 EPS of $0.42, $0.19 better than the analyst estimate of $0.23. Revenue for the quarter came in at $251.78 million versus the consensus estimate of $241.6 million.

First Quarter Highlights

• Record global cash collections of $494.6 million, an increase of 7%, or 9% on a currency adjusted basis, compared to the first quarter of 2019.
• Estimated Remaining Collections (ERC) of $6.5 billion, an increase of $273.8 million, or 4%, compared to the first quarter of 2019. The strengthening U.S. Dollar caused a $239.0 million decrease in ERC compared to year-end 2019.
• Total portfolio purchases were $273.2 million.
• Portfolio income of $262.0 million.
• Income from operations of $60.5 million, an increase of 24% compared to the first quarter of 2019.
• Cash efficiency ratio of 61.5% during the quarter compared to 59.2% in the first quarter of 2019.

"PRA Group began 2020 with very strong performance building on the momentum of record portfolio purchases in 2019, investments made over the last few years, and favorable industry trends. Global cash collections during the quarter were a record led by an increase in Europe after record portfolio purchases there last year," said Kevin Stevenson, president and chief executive officer. "In late March, as COVID-19 spread across the globe, we started to see an impact on cash production through a combination of reduced workforce and slightly decreased collection rates. We have implemented our normal consumer-friendly actions employed during times such as these and continue to work with our customers as necessary. Our thoughts go out to those impacted by this pandemic."

For earnings history and earnings-related data on PRA Group (PRAA) click here.