PRA Group Shares Plunge After Second-Quarter Results As Investors Head for the Doors

PRA Group Shares Plunge After Second-Quarter Results As Investors Head for the Doors

Shares of PRA Group (NASDAQ: PRAA), a global leader in acquiring and collecting nonperforming loans, closed nearly 14% lower Wednesday after the company released weaker-than-expected second-quarter results that sent some investors heading for the exits.

There were a handful of business and financial highlights worth noting. Starting from the top, total revenue checked in at $200.3 million, a decline from the prior year's $228.5 million and also below analysts' estimates of $209.2 million. Net income took a more drastic plunge, dropping from $36.5 million during the prior year down to $11.7 million during the second quarter. That bottom-line result was worth $0.25 per share, which fell far short of analysts' estimates calling for $0.50 per share, according to Thomson Reuters.

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Source: Fool.com