U.S. Markets open in 26 mins

Encore Capital Group beats Street 4Q forecasts

SAN DIEGO (AP) _ Encore Capital Group Inc. (ECPG) on Thursday reported fourth-quarter net income of $22.8 million, after reporting a loss in the same period a year earlier.

The San Diego-based company said it had net income of 88 cents per share. Earnings, adjusted for one-time gains and costs, were 72 cents per share.

The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 64 cents per share.

The provider of debt-management and recovery services posted revenue of $271.4 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $266.4 million.

For the year, the company reported profit of $76.6 million, or $2.96 per share. Revenue was reported as $1.03 billion.

Encore Capital Group shares have climbed 21 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $34.55, a rise of 68 percent in the last 12 months.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on ECPG at https://www.zacks.com/ap/ECPG

_____

Keywords: Encore Capital Group, Earnings Report