ARLINGTON, Texas (AP) -- First Cash Financial's fourth-quarter earnings from continuing operations will beat Wall Street's expectations, the pawn-shop chain and payday lender said Tuesday.
The company anticipates quarterly earnings from continuing operations of 70 cents per share, which would top the 69 cents per share that analysts polled by FactSet predict.
For the year, First Cash foresees earnings from continuing operations of $2.25 per share. Analysts expect earnings of $2.26 per share.
The Arlington, Texas company will report its results for the period ended Dec. 31 on Jan. 25.
Looking ahead to fiscal 2012, First Cash provided an initial forecast for earnings of $2.65 to $2.70 per share. This includes an anticipated earnings benefit from an acquisition and an approximately 5 cents to 6 cents drag on earnings from the weaker Mexican peso.
Analysts predict earnings of $2.69 per share.
In addition, First Cash said Tuesday that it has closed on the purchase of a chain of 29 pawn stores in Mexico for about $46.7 million in order to expand its presence in the country. The company said it paid for the acquisition with cash and a $4.9 million note payable to the seller.
First Cash also has an exclusive option until January 2015 to buy up to eight additional stores in Mexico.
The transaction is expected to add to First Cash's earnings in 2012.
First Cash Financial Services Inc. now has 720 total stores, including those in the acquisition and 2012 openings to date. It has 232 stores in the U.S. and 488 in Mexico. The company expects to open about 81 to 91 new stores in 2012, which does not include the stores in the acquisition.
There are no comments yet