World Acceptance Slips To Loss In Q3

(RTTNews) - World Acceptance Corp. (WRLD) reported that its net loss for the third quarter of fiscal 2020, which included the accrual for the investigation of Mexico operations, was $5.82 million or $0.78 per share compared to net income of $6.26 million or $0.67 per share in the same quarter of the prior year.

Net income per share, excluding the accrual for the Mexico investigation, decreased 56.6% to $0.29 from $0.67 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.47 per share. Analysts' estimates typically exclude special items.

Total revenues for the third quarter were $147.1 million, a 6.9% increase from the $137.6 million reported for the same quarter of the prior year. Analysts expected revenues of $152.69 million for the quarter.

The company said it continues to expect pools of new customers to have a positive impact on long-term profitability and be an important part of achieving our long-term earnings per share target of $25.30 by the end of Fiscal 2025.