FirstCash Raises 2017 Earnings Guidance - Quick Facts

(RTTNews) - FirstCash, Inc. (FCFS) announced the company increased its fiscal 2017 guidance for adjusted earnings per share to be in the range of $2.60 to $2.70. This is compared to prior adjusted annual guidance given on April 27, 2017 of $2.50 to $2.65 per share.

FirstCash currently plans to open or acquire approximately 65 to 85 stores in 2017. Approximately 50 to 65 stores will be de novo openings with the remaining additions contingent on opportunistic acquisitions. The company recently signed its first store lease in Colombia and expects to have stores open in late 2017 or early 2018. The company will discontinue its small online consumer lending operation during the third quarter. This action, combined with consumer lending store closures, are anticipated to contribute to an 11% decline in 2017 consumer lending revenues compared to merged pro forma revenues in 2016.

Adjusted earnings per share for the second quarter increased 2% compared to the prior-year period. Consolidated revenues for the second quarter of 2017 totaled $417 million, an increase of 129% compared to the second quarter of 2016. On a constant currency basis, total revenues increased 131% for the quarter.

The Board of Directors declared a $0.19 per share third quarter cash dividend on common shares outstanding, which will be paid on August 31, 2017 to stockholders of record as of August 15, 2017.