FirstCash (FCFS) reported a record third quarter, beating estimates with adjusted EPS of $2.68 versus $2.63 expected and revenue of $1.10 billion versus $1.07 billion, and raised its quarterly dividend 10% to $0.46 per share. Pawn revenue rose 28%, and pawn receivables hit a record $908 million. Still, FirstCash shares fell 13% and rival EZCORP (EZPW) dropped 10%, and neither company gave a reason. The author speculates the drop may stem from gold falling nearly 2% to below $4,100 an ounce, which reduces collateral values and scrap gold proceeds, though this is unconfirmed. The author views the selloff as an overreaction, noting FirstCash trades near 15x forward earnings, below its five-year average of 16x.
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