Summary
Portfolio Recovery Associates Inc., reported Wednesday that its first-quarter net income jumped 60 percent because of stronger cash collections and increased productivity.
The Norfolk-based company, which buys portfolios of defaulted consumer debt and attempts to collect it, earned $23.71 million, or $1.34 per diluted share for the January-through-March period. That was up from $14.81 million, or $0.91 per diluted share, in the comparable quarter of 2010. Analysts tracked by Thomson Financial estimated that Portfolio would earn $1.29 a share on first-quarter revenues of $108.55 million.See the full content of this document
Extract
Portfolio's Income Surges 60%
Revenues climbed 34 p...
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