FirstCash Says Weaker Mexican Peso Hurt 3Q Results -- Currency Comment

Dow Jones10-24

By Paulo Trevisani

FirstCash Holdings said Thursday a weaker Mexican peso is expected to have a negative impact on its fourth-quarter results in Latin America, after hurting its third-quarter performance.

The Fort Worth, Texas pawn stores operator and point-of-sale payment provider reported third-quarter pretax operating income of $38 million in its pawn segment in Latin America, a 6% decline on a U.S. dollar-basis compared to the prior year due primarily to an 11% decline in the Mexican peso exchange rate.

The average Mexican peso to U.S. dollar exchange rate for the third quarter was 18.9 pesos per dollar, an unfavorable change of 11% versus the comparable prior-year period, the company said.

FirstCash said fourth-quarter results in the region are expected to be negatively impacted by a weakening Mexican peso which has recently been in a range of 19 to 20 per dollar.

Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

October 24, 2024 11:36 ET (15:36 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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