FirstCash Q1 Results Top Estimates; Lifts FY19 Earnings View

(RTTNews) - FirstCash, Inc. (FCFS), an operator of retail pawn stores, reported Wednesday that its first-quarter net income increased to $42.66 million or $0.98 per share from last year's $41.64 million or $0.90 per share.

Adjusted net income was $42.52 million or $0.97 per share, compared to $41.82 million or $0.90 per share a year ago.

Revenue grew to $467.60 million from last year's $449.80 million.

On average, analysts polled by Thomson Reuters expected earnings of $0.90 per share on revenues of $464.48 million for the quarter. Analysts' estimates typically exclude special items.

Further, the Board of Directors declared a $0.25 per share second quarter cash dividend, which will be paid on May 31 to stockholders of record as of May 15.

Looking ahead, the Company announced an increase in its 2019 earnings guidance at both the top and bottom ends of its previous range by $0.05 per share.

The Company now expects earnings per share to be in a range of $3.80 to $4.00, compared to the previous guidance of $3.75 to $3.95.

The revised guidance range represents an increase of 8% to 13% over the prior-year adjusted earnings per share of $3.53.

Further, the company plans to open approximately 80 to 85 new full-service pawn stores in 2019 in Latin America.

FirstCash expects to complete additional acquisitions in 2019, primarily in Latin America, which are not reflected in the guidance.