First Cash Financial Q1 Profit Rises; Sees FY14 EPS At Lower End Of Outlook

(RTTNews) - First Cash Financial Services Inc. (FCFS) reported that its first-quarter net income increased to $22.68 million or $0.77 per share, from $20.26 million or $0.68 per share, previous year. Income per share from continuing operations increased to $0.78 from $0.68.

The company noted that its first-quarter earnings included a non-recurring tax benefit of approximately $0.12 per share, offset in large part by a tax-adjusted reduction in earnings of approximately $0.08 per share from reduced non-core scrap jewelry and payday loan operations as compared to the prior year.

On average, 13 analysts polled by Thomson Reuters expected the company to report profit per share of $0.66 for the quarter. Analysts' estimates typically exclude special items.

Total revenue was $169.78 million, compared to $159.91 million, a year ago. Analysts expected revenue of $166.06 million.

The company continues to expect its fiscal 2014 earnings per share to be within its previously announced range of $3.00 to $3.15 per share, but likely to be at the lower end of the range. Analysts expect the company to report fiscal 2014 earnings per share of $3.04.

The EPS guidance range implies full year EBITDA growth in a range of 10% to 15%. The company expects EBITDA growth of 8% to 14% in the second quarter.

The company expects to add approximately 75 to 85 new stores in 2014.