Thursday, Cash America International, Inc. (CSH) reported a drop in profit for the first quarter of 2009 from the same period a year ago due to higher expenses. The company also issued its initial outlook for the second quarter below Street expectations, while reaffirming its full year earnings guidance.
The Fort Worth, Texas-based company posted a first quarter net income attributable to Cash America International's common stockholders of $23.91 million or $0.79 per share versus a profit of $25.81 million or $0.86 per share in the year-ago period.
On average, 8 analysts polled by Thomson Reuters expected the company to earn $0.75 per share for the first quarter. Analysts' estimates typically exclude special items.
Revenues totaled $268.09 million, up 7% from $250.93 million in the similar quarter last year. Analysts anticipated revenues of around $265.41 million for the quarter.
Overall revenue growth was favored by a 14% rise in sales from the company's pawn segment amounting to $182.7 million. However, impacting the net growth was a 6% decline in sales of cash advance segment to $80.3 million compared to the same period in 2008.
Operating expenses for the three-month period increased to $142.11 million from $134.95 million a year ago. Operating income for the quarter declined to $43.48 million from $44.47 million a year ago.
Additionally, the company noted that its Board has declared a quarterly dividend of $0.035 per share, payable at the close of business on May 20, 2009 to shareholders as of record on May 6, 2009.
Looking ahead, the company provided its outlook for the second quarter, expecting earnings in the range of $0.50 to $0.53 per share. For the full year, the company re-affirmed its earnings guidance between $3.10 and $3.30 per share.
Street analysts are currently projecting second quarter earnings to be $0.60 per share, and full year earnings to be approximately $3.10 per share.
CSH is currently trading at $21.1304, down 4.73% or $1.0496, on a volume of 303,732 shares on the NYSE.
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