SAN FRANCISCO (MarketWatch) — Portfolio Recovery Associates Inc. shares jumped more than 6% Wednesday after the debt-collection company reported strong results late Tuesday. Fourth-quarter net income came in at $20.6 million, or $1.20 a share, up 66% from a year earlier when the company made $12.4 million, or 80 cents a share. Revenue jumped 38% to a record $100.8 million. The company buys defaulted consumer debt and collects payments on those troubled loans. Shares of the company rose 6.7% to $84.36 in afternoon trading Wednesday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
View full post on All Stories
Comments are closed.