Cash America Q3 Profit Surges On Tax Benefit

(RTTNews) - Cash America International Inc. (CSH) said its third-quarter net income attributable to the Company surged to $46.18 million or $1.52 per share from last year's $11.70 million or $0.37 per share.

The company said its results included a tax benefit of $33.2 million or $1.09 per share related to the reorganization of its Mexico-based pawn operations, and also an $18 million pre-tax expense or $0.37 per share after associated with a negotiated settlement of a class-action lawsuit.

Excluding the impact of unusual items, the company said, adjusted earnings would have been $0.80 per share. On average, twelve analysts polled by Thomson Reuters expected the company to report profit of $0.81 per share for the quarter. Analysts' estimates typically exclude special items. For the third quarter, consolidated total revenue slid to $437.8 million from $439.7 million in the same quarter of last year. Analysts expected revenue of $443.67 million for the quarter.

In addition, the company declared a $0.035 per share cash dividend on common stock outstanding, payable on November 20, to shareholders of record on November 6, 2013.

For the fourth quarter, the company expects earnings per share of $0.95 - $1.05. For 2013, the company said it expects earnings per share of $4.68 - $4.78, or $3.96 - $4.06 per share on a non-GAAP adjusted basis. The Street foresees earnings per share of $1.20 for the fourth quarter and $4.23 for the year 2013.

For the year 2014, the company projects earnings per share of $4.20 - $4.40, while analysts expect earnings of $4.91 per share.