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Business Cash America expects 2Q profit below Wall Street

Cash America expects 2Q profit below Wall Street

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Robert Francis
Robert Francis
Robert is a Fort Worth native and longtime editor of the Fort Worth Business Press. He is a former president of the local Society of Professional Journalists and was a freelancer for a variety of newspapers, weeklies and magazines, including American Way, BrandWeek and InformatonWeek. A graduate of TCU, Robert has held a variety of writing and editing positions at publications such as the Grand Prairie Daily News and InfoWorld. He is also a musician and playwright.

 

FORT WORTH, Texas (AP) — Cash America expects its second-quarter earnings to come in below analysts’ estimates and its prior forecast.

The pawn shop operator and payday lender cited higher expenses for health insurance and personnel costs, an additional interest expense related to a senior notes offering and weaker demand for loan products from its domestic retail services division.

The company previously predicted quarterly earnings of 91 cents to 96 cents per share.

Analysts surveyed by FactSet expect earnings of 92 cents per share.

Cash America International Inc. said Monday that its U.S. pawn lending business has not seen as big of a rebound in demand for pawn and consumer loans as its forecast initially expected.

The Fort Worth, Texas, company said that pawn customers continue to be cautious with their borrowing and spending. It expects this behavior to continue throughout the rest of the year.

Cash America will report its second-quarter results on July 25.

It had 966 locations as of March 31, including lending locations, pawn lending locations and check cashing centers.

Its shares finished at $48.72 on Friday. Its shares are down 10 percent from their 52-week high of $54.12 set in early March. They traded as low as $34.21 last November.  

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