FirstCash Q2 Profit Declines, Yet Tops Consensus - Quick Facts

(RTTNews) - FirstCash Inc. (FCFS) reported Q2 GAAP net income of $25.9 million or $0.62 per share versus $33.0 million or $0.76 per share last year.

On a non-GAAP basis, adjusted net income amounted to $25.9 million or $0.62 per share, lower than the prior year's $35.3 million or $0.82 per share.

Revenue for the quarter plunged to $412.7 million from $446.0 million generated a year ago.

Analysts polled by Thomson Reuters expected earnings of $0.58 per share on revenue of $437.16 million for the quarter. Analysts' estimate typically exclude certain special items.

Meanwhile, Rick Wessel, chief executive officer, said, "Our second quarter results demonstrated the inherent diversification and uniqueness of the pawnshop business model, which generates revenues from both specialty retail operations and small-dollar, non-recourse lending. Second quarter retail sales were especially robust in the U.S., driven by our ability to remain open and meet the significant customer demand for popular "stay-at-home" products such as consumer electronics and sporting goods..."