FirstCash Q2 Profit Rises

(RTTNews) - FirstCash Inc (FCFS), the leading international operator of 2,290 retail pawn stores in the U.S. and Latin America, reported that its net income for the second-quarter increased to $30.17 million or $0.67 per share from $15.24 million or $0.32 per share in the prior year.

In addition, the company announced that it has completed its previously authorized share buyback program and that the Board of Directors authorized an additional $100 million for future share repurchases. Also, the Company announced that the Board of Directors declared a $0.22 per share quarterly cash dividend.

Total revenue for the quarter grew to $419.97 million from $416.63 million last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.65 per share and revenues of $422.29 million. Analysts' estimates typically exclude special items.

The company reiterated its fiscal full-year 2018 guidance of adjusted earnings per share to be in the range of $3.35 to $3.55. Analysts expect annual earnings of $3.52. per share. While expected full-year earnings from core pawn operations have increased since the guidance was updated last quarter, this earnings increase is being offset by further contraction of non-core consumer lending operations. The 2018 guidance represents adjusted year-over-year earnings per share growth to be in a range of 22% to 30% compared to 2017 adjusted earnings per share of $2.74.

The company now expects to add approximately 265 to 270 locations in 2018, which includes the 188 smaller format stores acquired in Mexico and the 45 large format stores acquired or opened during the first half of the year. The Company anticipates opening an additional 32 to 37 large format stores over the remainder of the year. The guidance estimate reflects only modest second half accretion from the recent acquisitions until the administrative synergies are fully realized over the next several months.