World Acceptance Corporation (NASDAQ:WRLD) reported its first quarter revenues of $139.32 million, down 11.8% year over year. Revenues beat the consensus of $135.81 million.
EPS of $1.62 beat the consensus of $0.63.
WRLD saw a decrease in borrowing from new, former, and refinance customers compared to the same quarter of the prior year due to the tighter underwriting standards implemented in previous quarters.
Gross loans outstanding were $1.40 billion as of June 30, 2023, a 14.9% decrease from the $1.64 billion outstanding as of June 30, 2022.
The provision for credit losses decreased by $39.2 million to $46.6 million from $85.8 million in the year-ago period.
Interest and fee income declined 10.4% to $116.62 million in the quarter under review.
Insurance income decreased by 5.9% to $16 million in the first quarter.
During the quarter under review, the number of unique borrowers in the portfolio increased by 1.5% compared to an increase of 0.2% in the year-ago period.
As of June 30, 2023, the company had 1,055 open branches.
Cash and equivalents as of quarter end totaled $15.99 million.
Price Action: WRLD shares are trading higher by 5.86% to $144.76 on the last check Friday.
