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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, Inc. (NYSE: EVTC) reported a 6% revenue increase to $159.8 million for Q1 2023, driven by growth in merchant acquiring and payment processing in Puerto Rico. However, GAAP net income fell 23% to $30.1 million, attributed to higher costs, including personnel and operational losses. Adjusted EBITDA decreased by 8% to $67.1 million, marking a significant decline in margins. The company announced a revised outlook for 2023, expecting revenue between $644 million and $652 million and adjusted earnings per share to be between $2.59 and $2.68, reflecting growth despite current challenges. Share repurchases totaled $6.3 million with $72 million left in the program. CEO Mac Schuessler remains optimistic about the company's prospects in Puerto Rico and Latin America.
EVERTEC, Inc. (NYSE: EVTC) announced a quarterly dividend of $0.05 per share on April 20, 2023, with a payment date scheduled for June 2, 2023. Stockholders must be on record by May 1, 2023 to receive this dividend. The Board of Directors plans to continue declaring dividends regularly, although future payments are contingent on Board approval and may be adjusted according to business needs or market conditions.
EVERTEC is a top transaction processing company in Puerto Rico, the Caribbean, and Latin America, managing over six billion transactions annually. It offers a variety of services, including merchant acquiring and payment services, and operates the ATH® PIN debit network.
EVERTEC, Inc. (NYSE: EVTC) will host a conference call on April 26, 2023, at 4:30 p.m. ET to discuss first quarter financial results. The call features CEO Mac Schuessler and CFO Joaquin Castrillo. A press release detailing financial results will be issued post-market closure. Interested parties can join the conference call by dialing (888) 338-7153 or (412) 317-5117 for international calls. Replays will be available until May 3, 2023. EVERTEC operates in Puerto Rico, the Caribbean, and Latin America, processing over six billion transactions annually and offering diverse payment and technology services. For more details, visit www.evertecinc.com.
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