Encore Capital falls as Q4 loss widens

Encore Capital

22/02/2024 17:15

** Shares of debt buyer Encore Capital Group  ECPG.O  fall
6.6% to $49.92 in morning trade
    ** After market close on Wednesday, ECPG posted wider Q4
loss of $11.40/shr vs $3.11/shr last year
    ** Q4 operating expenses more than doubled to $494.60 mln
compared with last year, due to $278 mln goodwill impairment
charge
    ** Q4 revenue jumped 19% to $277.40 mln, while portfolio
purchases surged 30% to $292.5 mln compared to last year
    ** Continued rapid growth of portfolio supply in the U.S.
contrasted by slower growth in the UK and Europe - ECPG
    ** Co expects portfolio purchases and collections to grow in
2024
    ** Stock rose 5.9% in 2023

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com;))