Welcome to our dedicated page for EVERTEC news (Ticker: EVTC), a resource for investors and traders seeking the latest updates and insights on EVERTEC stock.
EVERTEC, Inc. (NYSE: EVTC) is a prominent full-service transaction processing company operating extensively across Latin America and the Caribbean. Based in Puerto Rico, EVERTEC provides a comprehensive suite of merchant acquiring, payment processing, and business solutions services that are vital to the operational success of various financial, government, and commercial entities.
At the core of EVERTEC's offerings is their management of robust electronic payment networks, processing over 2.1 billion transactions annually. This scale underscores the reliability and efficiency of their systems, which include core bank processing, cash processing, and technology outsourcing services. In addition, EVERTEC operates the ATH® network, one of the leading PIN debit networks in Latin America, further cementing their pivotal role in the region's financial infrastructure.
EVERTEC's business is divided into several segments:
- Merchant Acquiring: Providing essential services that enable businesses to accept credit and debit payments securely and efficiently.
- Payment Services - Puerto Rico & Caribbean: Focused on delivering comprehensive payment processing solutions tailored to the unique needs of clients in Puerto Rico and the Caribbean.
- Latin America Payments and Solutions: Expanding reach and providing customized payment solutions across 19 Latin American countries.
- Business Solutions: Offering mission-critical technology solutions that support the diverse operations of financial institutions, corporations, and government agencies.
EVERTEC's innovative solutions and extensive reach make it a key player in the financial technology sector. The company's recent achievements include expanding their service offerings and forming strategic partnerships, all while maintaining a strong financial position. This commitment to growth and excellence ensures EVERTEC remains at the forefront of transaction processing in the region.
EVERTEC (NYSE: EVTC) reported strong third quarter 2024 results. Revenue rose 22% to $211.8 million, driven by organic growth and the Sinqia acquisition. GAAP Net Income surged 146% to $24.7 million, or $0.38 per diluted share. Adjusted EBITDA increased 11% to $87.4 million, while Adjusted EPS grew 8% to $0.86. The company repurchased $12.3 million in shares and completed the acquisition of Grandata on October 30, 2024. 2024 Outlook projects revenue between $841 million and $847 million, with Adjusted EPS between $3.08 and $3.15.
Segment-wise, Merchant acquiring revenue benefited from improved spread and sales volume growth. Payments Puerto Rico saw growth in ATH Movil Business and Latin America revenue was bolstered by the Sinqia acquisition and organic growth. Increased operating expenses were noted, including higher personnel costs, cloud services, professional fees, and interest expenses due to incremental debt from the Sinqia acquisition.
EVERTEC (NYSE: EVTC) has scheduled its Third Quarter 2024 financial results announcement for November 6, 2024. The company will host a conference call and webcast at 4:30 p.m. ET on the same day. President and CEO Mac Schuessler and CFO Joaquin Castrillo will lead the call. The financial results press release will be issued after market close. Investors can join via phone at (888) 338-7153 (US) or (412) 317-5117 (international), with replay available until November 13, 2024. A live webcast will be accessible through the company's website.
EVERTEC, Inc. (NYSE: EVTC) has announced a regular quarterly dividend of $0.05 per share. The dividend was declared by the company's Board of Directors on October 17, 2024, and will be paid on December 6, 2024 to stockholders of record as of October 28, 2024. The Board anticipates declaring this dividend in future quarters on a regular basis, subject to approval and potential adjustments based on business needs or market conditions.
EVERTEC (NYSE: EVTC) reported strong Q2 2024 results, with revenue increasing 27% to $212.0 million. GAAP Net Income attributable to common shareholders rose 13% to $31.9 million ($0.49 per diluted share). Adjusted EBITDA grew 16% to $86.1 million, while Adjusted earnings per share increased 17% to $0.83.
The company completed an accelerated share repurchase transaction on July 9, 2024. EVERTEC's 2024 outlook projects total consolidated revenue between $846-854 million (22-23% growth) and Adjusted EPS between $2.98-$3.07 (6-9% growth). The effective tax rate is expected to be approximately 5%.
Growth was driven by the Sinqia acquisition and organic expansion across all segments, particularly in Puerto Rico and Latin America. However, the Adjusted EBITDA margin decreased by 400 basis points due to Sinqia's lower margin contribution.
EVERTEC (NYSE: EVTC) has announced a regular quarterly dividend of $0.05 per share. The dividend was declared on July 18, 2024, and will be paid on September 6, 2024 to stockholders of record as of July 29, 2024. The company's Board of Directors anticipates declaring this dividend in future quarters on a regular basis, subject to approval and potential adjustments based on business needs or market conditions.
EVERTEC (NYSE: EVTC) has announced its plans to release second quarter 2024 financial results on July 31, 2024. The company will host a conference call and webcast at 4:30 p.m. ET on the same day to discuss the results. Mac Schuessler, President and CEO, and Joaquin Castrillo, CFO, will participate in the call. Investors can access the call via phone or webcast through the company's website. A replay will be available until August 7, 2024. This announcement provides an opportunity for investors and analysts to gain insights into EVERTEC's financial performance and future outlook.
EVERTEC (NYSE: EVTC) has successfully repriced its $540 million Term Loan B (TLB), which is due in 2030. The new interest rate is set at SOFR + 325 basis points, down from SOFR + 350 basis points, reducing the cost by 25 basis points. This repricing does not affect the leverage of the company, and no other terms of the loan have been changed. Joaquin A. Castrillo-Salgado, the Executive Vice-President and CFO, highlighted the strong market demand for their debt, which has allowed EVERTEC to improve its capital structure and cash flow profile.
EVERTEC, Inc. (NYSE: EVTC) reported its first quarter 2024 results with revenue increasing by 28% to $205.3 million. GAAP Net Income decreased by 47% to $16.0 million. Adjusted EBITDA went up by 16% to $78.2 million. The company entered into an ASR agreement for $70 million. Overall, Evertec is pleased with its results and continues to expand in Latin America.
FAQ
What is the current stock price of EVERTEC (EVTC)?
What is the market cap of EVERTEC (EVTC)?
What services does EVERTEC, Inc. provide?
Where is EVERTEC, Inc. based?
How many transactions does EVERTEC process annually?
What is the ATH® network?
In which regions does EVERTEC operate?
Who are EVERTEC's primary clients?
What are some of EVERTEC's recent achievements?
What business segments does EVERTEC have?
What role does EVERTEC play in the financial technology sector?
Why is EVERTEC considered important in its industry?
