PRA Group Inc (NASDAQ:PRAA) stock surged 5.66% in the pre-market session on Thursday, following the release of its strong fourth-quarter 2024 earnings results. The debt collector reported record portfolio purchases and robust cash collections growth, fueling investor optimism.
The company achieved a significant milestone with $1.4 billion in portfolio purchases for the full year 2024, marking a 22% increase year-over-year. Cash collections also climbed 13% to $1.9 billion, driven by recent acquisitions and operational initiatives.
PRA Group's financial performance exceeded Wall Street expectations, with net income reaching $71 million for the year, translating to $1.79 in diluted earnings per share. Revenue soared 39% year-over-year to $1.1 billion, reflecting the company's strong momentum and growth strategies.
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