World Acceptance Corp. (WRLD) posted third-quarter profit of $19.58 million or $1.30 per share, up from $18.06 million or $1.12 per share last year.
The company noted that its record results highlight the strong demand for its loan product, its ongoing focus on expense control, its close management of credit risks and the contribution from new offices.
On average, four analysts polled by Thomson Reuters expected the company to report earnings of $1.32 per share. Analysts' estimates typically exclude special items.
Total revenues grew to $135.95 million from $126.04 million in the prior-year quarter. Analysts estimated revenues of $139.55 million.
The growth in revenue was mainly driven by a 10.6% increase in average net loans and the associated growth in interest and fees.
Sandy McLean, CEO, stated, "The Company's growth in earnings per share has also benefitted from our ongoing share repurchase program during the current fiscal year...
We remain focused on monitoring our loan portfolio in light of the difficult economy and we believe that our allowance for loan losses is adequate based on the current outlook."
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