Evertec reports 6% year-over-year revenue growth $118.8M in 3Q19
Evertec Inc. announced results for the third quarter ended Sept. 30, which showed that revenue grew 6% to $118.8 million compared with $112.0 million in the prior year.
Revenue increase in the quarter reflected growth across all segments and included benefits from value added solutions, new managed services and other pricing actions. Additionally, increased revenue was driven by the completion of projects representing approximately $2 million.
“We were pleased with the quarterly results and continued to make progress on our key initiatives of innovation and further growth in our Latin American business,” said Evertec CEO Mac Schuessler. “Our consistent year-to-date performance and momentum are evidence of our strategy and execution.”
For the quarter ended Sept. 30, GAAP Net Income attributable to common shareholders was $24.8 million, or $0.34 per diluted share, an increase of $1.8 million or $0.03 per diluted share as compared to the prior year.
Adjusted EBITDA was $55.5 million, an increase of 6% compared to the prior year. Adjusted Net Income was $34.6 million, an increase of 3% compared with $33.6 million in the prior year and included the impact of a higher effective tax rate in the current year. Adjusted earnings per common share was $0.47, an increase of 4% compared to $0.45 in the prior year.
Evertec also reported results for the nine-month period ended Sept. 30, which reflected a year-over-year revenue growth of 7% to $360.2 million.
In response to the latest results, Evertec updated its financial outlook for 2019 as follows:
- Total consolidated revenue is now expected to be between $479 million and $482 million representing growth of 5% to 6%, compared with $477 million to $482 million previously estimated.
- Adjusted earnings per common share is expected to be between $1.95 and $1.98 representing growth of 6% to 8% from $1.84 in 2018, compared with $1.92 to $1.98 previously estimated.
- Capital expenditures continue to be anticipated to range between $50 million and $55 million.