FirstCash Holdings announced record revenue and earnings for the third quarter and year-to-date periods ended September 30, 2024. The company reported net income of $64.8 million, or $1.44 per share, with adjusted earnings reaching $1.67 per share. This adjusted EPS surpassed the average analyst estimate of $1.58 per share.
The U.S. pawn segment achieved its fifth consecutive quarter of double-digit growth in same-store pawn receivables, with a 10% increase. The Latin America pawn segment also showed continued growth in local currency pawn revenues and receivables. The company added 16 new pawn stores in the third quarter, contributing to a total of 83 stores opened or acquired during the first nine months of 2024.
The Retail POS Payment Solutions segment, American First Finance (AFF), recorded a 14% increase in third-quarter gross origination volumes. This growth was primarily driven by a 25% expansion in new merchant locations. Excluding furniture, third-quarter origination volume increased approximately 35%, and the largest merchant partner now represents about 12% of total gross transaction volume.
FirstCash's Board of Directors declared a quarterly cash dividend of $0.38 per share, payable in November 2024. The company maintains a positive outlook for the remainder of 2024, anticipating year-over-year growth in consolidated revenue and earnings, supported by continued growth in earning asset balances and store additions.
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