Tuesday, First Cash Financial Services, Inc. (FCFS), an operator of pawn and consumer finance stores, reported an increase in earnings from continuing operations for the second quarter, which topped analysts' estimates as revenue increased. The company also reaffirmed its forecast for fiscal 2009.
Income from continuing operations advanced to $9.4 million or $0.31 per share from $9.0 million or $0.30 per share in the year-ago quarter. On average, seven analysts polled by Thomson Reuters expected the company to earn $0.30 per share for the quarter. Analysts estimates typically exclude special items.
Income from discontinued operations amounted to $2.1 million or $0.07 per share compared with loss from discontinued operations of $2.3 million or $0.07 per share recorded in the prior year period.
Net income for the quarter, which includes losses and gains from discontinued operations, surged to $11.55 million from $6.7 million in the corresponding period last year. Earnings increased 65% to $0.38 per share from $0.23 per share in the same period last year.
Revenue from continuing operations for the quarter increased to $84.2 million from $78.8 million in the corresponding period last year. Street Analysts expected the company to report revenues of $83.21 million for the quarter. Revenue from the company's Mexico operations for the quarter amounted to $40.2 million.
For the six-month period, net income increased to $22.79 million or $0.76 per share from $13.4 million or $0.44 per share in the corresponding period last year. Net income from continuing operations was $19.0 million, or $0.63 per share compared with $18.9 million or $0.62 in the prior year period. Revenue advanced to $166.8 million from $155.9 million in the same period last year. Year-to-date same-store sales increased by 5% in the company's U.S. and Mexico pawn stores on a constant currency basis.
The company operated 539 total stores as of June 30, 2009, a net store-count increase of 18% over the past twelve months.
Looking ahead, the company reaffirmed its 2009 forecast for earnings from continuing operations of $1.36 to $1.38 per share. This guidance implies a 9% to 12% earnings growth rate in the second half of 2009, as compared to the same period in 2008. Seven Street analysts currently expect the company to earn $1.37 per share for 2009.
The company said it remains on target to open 55 to 60 new stores in Mexico and a limited number of new pawn stores in the U.S. During 2009. The company said it does not currently anticipate opening any new U.S. short-term/payday loan stores in the remaining quarters of 2009 or thereafter.
FCFS closed Monday's regular trading session at $16.86.
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