Verra Mobility Corp - VRRM STOCK NEWS

Verra Mobility (NASDAQ: VRRM) announced the appointment of Steven C. Lalla as Executive Vice President of Commercial Services, effective immediately. Lalla brings extensive experience from his previous role as EVP at Vertiv and positions at Dell and Motorola. His leadership is expected to enhance Verra Mobility's capabilities in providing outsourced tolling, violations management, and registration services for commercial fleets. CEO David Roberts expressed confidence in Lalla's ability to drive innovation and strengthen customer solutions.

Verra Mobility (NASDAQ: VRRM) has secured contracts with Nassau, Onondaga, and Niagara Counties to install over 6,500 stop-arm safety cameras on school buses, enhancing safety for more than 315,000 students. This initiative is part of New York's efforts to reduce illegal passing of school buses, backed by legislation imposing fines for violations. Verra Mobility's CrossingGuard™ solution aims to protect nearly half a million students statewide. The company has recently expanded its presence in New York, following contracts in Broome, Oneida, and Orange Counties.

Verra Mobility (NASDAQ: VRRM) has partnered with Rent A Car to expand its Easy Péage electronic toll payment service in France. Following a successful pilot program, the service allows rental customers to use reserved 'Liber-T' lanes, avoiding cash or card toll plazas, thereby saving time and fuel while adhering to social distancing guidelines. This rollout aims to enhance customer experience and increase the number of vehicles equipped with this technology across multiple rental locations.

Verra Mobility (NASDAQ: VRRM) has announced a binding agreement to acquire Redflex Holdings Limited (ASX: RDF) for A$0.92 per share, totaling A$146.1 million. This acquisition aims to enhance Verra's global delivery of road safety products and services, leverage synergies, and expand technological capabilities. The deal is expected to close in May 2021, pending shareholder and regulatory approvals. This merger signifies a strategic consolidation in the smart mobility sector, positioning Verra Mobility as a leader in innovative transportation solutions.

Verra Mobility (NASDAQ: VRRM) released alarming footage of the worst red-light runners in 2020, highlighting the dangers of distracted driving. Despite a decrease in overall traffic due to the pandemic, these incidents remind drivers of the consequences of reckless behavior. A study by the Insurance Institute for Highway Safety revealed that red-light safety cameras can reduce fatal red-light running crashes by 21%. Verra Mobility emphasizes the importance of such camera programs in enhancing road safety and encourages drivers to adhere to traffic laws.

Verra Mobility (NASDAQ: VRRM) announced that CFO Patricia Chiodo will present at the Credit Suisse 24th Annual Technology Conference on December 1, 2020, at 2:50 p.m. MT (4:50 p.m. ET). A live webcast and replay will be available on the company's website.

Verra Mobility, headquartered in Mesa, Arizona, focuses on cutting-edge mobility technology solutions, serving major commercial fleets and law enforcement to enhance transportation safety and efficiency across 15 countries.

Verra Mobility (NASDAQ: VRRM) reported Q3 2020 revenue of $96.9 million, a 24.4% decline from $128.2 million in Q3 2019, largely impacted by COVID-19 on the rental car sector. The company achieved a net income of $6.7 million, translating to $0.04 per share, down from $17.8 million or $0.11 per share a year prior. Year-to-date revenue reached $293.4 million, down 12.7% year-over-year. Despite challenges, Verra reported strong cash flow with $44.4 million net cash from operations and a cash balance of $129.2 million as of September 30, 2020.

Verra Mobility (NASDAQ: VRRM) appointed Patrick J. Byrne to its Board of Directors on November 2, 2020. Byrne will chair the Compensation Committee and join the Audit Committee, bringing significant technological and operational expertise from his role as CEO of GE Digital and previous leadership positions at Fortive and Danaher Corporation. His experience is expected to support Verra Mobility's mission of enhancing urban safety and mobility solutions. Following this appointment, the Board consists of 7 directors.

Verra Mobility (NASDAQ: VRRM) will report its third-quarter financial results after market close on November 5, 2020. The company will host a conference call at 3:00 PM MT to discuss these results with investors and analysts. The call can be accessed by dialing (866) 548-4713 in the U.S. or (323) 794-2093 internationally, with conference ID #6595730. An audio replay will be available until November 19, 2020. As a global leader in smart transportation, Verra Mobility provides innovative solutions to manage tolling transactions and safety technologies across over 15 countries.