PRA Group, Inc. - PRAA STOCK NEWS

PRA Group (PRAA) reported strong Q3 2024 results with net income of $27.2 million, or $0.69 per diluted share, including a $7.7 million tax benefit. The company achieved total portfolio purchases of $350.0 million and total cash collections of $477.1 million, representing a 13.7% year-over-year increase. The company reached a record estimated remaining collections (ERC) of $7.3 billion and maintained a cash efficiency ratio of 60.1%. Portfolio revenue increased 30.5% to $276.7 million compared to Q3 2023. The company is on track to exceed its 2024 targets and has announced new targets for 2025, including portfolio investments exceeding $1.0 billion and cash collections growth of 8-10%.

PRA Group has successfully amended and extended its North American and UK Credit Agreements through October 2029, maintaining a total commitment amount of $2.3 billion. The interest margins remain unchanged at 2.25% for North America and 2.75% for the UK. The company's CFO, Rakesh Sehgal, emphasized that these extensions provide financial flexibility for business transformation and growth, positioning PRA Group to capitalize on the strong portfolio supply environment through cash generation, credit facilities, and capital market access in both the U.S. and Europe.

PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has announced it will report its third quarter 2024 results after market close on Monday, November 4, 2024. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can listen to the webcast and view slides at https://ir.pragroup.com/events-and-presentations. For those preferring to listen by phone, call 646-357-8785 in the U.S. or 1-800-836-8184 outside the U.S.

A replay of the call will be available on the same website until November 4, 2025, or by phone until November 11, 2024. PRA Group also plans to report its fourth quarter and full year 2024 results after market close on Monday, February 24, 2025.

PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has appointed Adrian Murphy as its global chief data and analytics officer, effective Sept. 16, 2024. Murphy, who will report to CEO Vik Atal and join the senior leadership team, brings nearly three decades of industry experience to the role.

Murphy's expertise includes serving as a partner at McKinsey & Company's Banking and Risk divisions and Oliver Wyman, where he led transformation projects across various sectors. His appointment aims to drive business growth through cutting-edge analytic solutions, optimize operations, enhance customer experience, and increase shareholder value.

PRA Group's Elizabeth Kersey, senior vice president of communications and public policy, has won a Silver Stevie® Award in the 21st Annual International Business Awards®. Kersey was recognized in the Communications, Investor Relations or PR Executive of the Year category. The 2024 IBAs received entries from organizations in 62 nations, with over 3,600 nominations submitted.

Kersey leads PRA Group's global communications, branding, public relations, corporate philanthropy, and government relations efforts. Her work was praised by judges for influencing internal and external communication and leaving a mark on the company's history. PRA Group's CEO, Vik Atal, commended Kersey's enduring commitment and expertise in driving the company forward.

The awards ceremony will be held on October 11, 2024, at the InterContinental Hotel in Istanbul, Türkiye.

PRA Group (Nasdaq: PRAA) reported its Q2 2024 financial results, showing signs of a successful turnaround in its U.S. business. Key highlights include:

- Net income of $21.5 million, or $0.54 per diluted share
- Total portfolio purchases of $379.4 million
- Total cash collections of $473.9 million, up 13% year-over-year
- Estimated remaining collections (ERC) of $6.8 billion
- Cash efficiency ratio of 58.9%
- Adjusted EBITDA for the 12 months ended June 30, 2024 of $1.1 billion

The company saw strong portfolio supply and attractive pricing globally. Cash collections growth was driven by higher recent purchases and operational initiatives, particularly in the U.S. legal collections channel. PRA Group remains focused on sustaining profitability and positioning for future growth.

PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, celebrates 10 years since acquiring Aktiv Kapital AS, marking the start of significant global expansion. The milestone was commemorated with celebrations across Europe and North America, highlighting the company's evolution into a global enterprise.

Key points:

• The acquisition in 2014 expanded PRA Group's operations to Austria, Canada, Finland, Germany, Norway, Spain, Sweden, Switzerland, and the U.K.
• Over one-third of colleagues who joined through the acquisition remain with the company, demonstrating a strong unified culture.
• PRA Group has continued expanding, now operating in 18 countries with over 3,000 employees.
• The geographic diversity has provided balance for the cyclical business and created opportunities for innovation and career growth.

PRA Group (Nasdaq: PRAA), a global leader in acquiring and collecting nonperforming loans, has announced it will report its second quarter 2024 results after market close on Monday, August 5, 2024. This will be followed by a webcast and conference call at 5 p.m. E.T. Investors can access the webcast and view corresponding slides on the company's investor relations website. For those preferring to listen by phone, call-in numbers are provided for both U.S. and international participants.

A replay of the call will be available on the website until August 5, 2025, or via phone until August 12, 2024. Additionally, PRA Group has scheduled the release of its third quarter 2024 results for Monday, November 4, 2024, after market close.

Performance Food Group Company (PFG) (NYSE: PFGC) has appointed Danielle M. Brown to its Board of Directors, effective June 28, 2024. This appointment increases PFG’s Board to 12 members. Brown, currently the Senior Vice President and CIO of Whirlpool ’s Global Information Technology, will serve on PFG's Audit and Finance Committee and Technology and Cybersecurity Committee. Brown brings over 20 years of IT leadership experience, having held significant roles at Whirlpool, Brunswick, and DuPont. She also holds board positions at PRA Group and Corewell Health. PFG's CEO, George Holm, highlighted Brown’s extensive IT expertise and its alignment with PFG's strategic vision.