SAN DIEGO (AP) — SAN DIEGO (AP) — Encore Capital Group Inc. (ECPG) on Wednesday reported first-quarter profit of $18.6 million.
On a per-share basis, the San Diego-based company said it had net income of 75 cents. Earnings, adjusted for non-recurring costs, were 94 cents per share.
The results missed Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $1.16 per share.
The provider of debt-management and recovery services posted revenue of $312.6 million in the period, also falling short of Street forecasts. Five analysts surveyed by Zacks expected $322.8 million.
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