EVERTEC Reports Third Quarter 2016 Results

EVERTEC, Inc. (NYSE: EVTC) ("EVERTEC" or the "Company") today announced results for the third quarter ended September 30, 2016.

Third Quarter 2016 Highlights
  • Revenue grew 2% to $94.5 million
  • GAAP Net Income was $19.7 million, or $0.26 per diluted share
  • Adjusted EBITDA decreased 4% to $45.1 million
  • Adjusted diluted earnings per share increased 5% to $0.41
  • $22 million returned to shareholders through share repurchases and dividends
  • Federal Reserve Board approval pending for an acquisition in Puerto Rico of approximately $10 million
  • Commitments received for pending refinance

Nine-Month Year-to-Date 2016 Highlights
  • Revenue grew 4% to $287.6 million
  • GAAP Net Income was $59.1 million, or $0.79 per diluted share
  • Adjusted EBITDA was $140.0 million, approximately even with last year
  • Adjusted diluted earnings per share increased 8% to $1.25
  • $52 million returned to shareholders through share repurchases and dividends

Mac Schuessler, President and Chief Executive Officer, stated, "Our third quarter results reflect the resilient performance of our Puerto Rican business in challenging conditions and the continued performance of our Latin America business. We generated significant operating cash flow and returned $22 million to shareholders through our share repurchases and dividends.

Schuessler continued, "Additionally, we are waiting for Federal Reserve Board approval for a tuck-in acquisition in Puerto Rico. The transaction, which is expected to close in the fourth quarter, leverages the scale of our business solutions segment to drive attractive returns to shareholders."

Third Quarter 2016 Results

Revenue. Total revenue for the quarter ended September 30, 2016 was $94.5 million, an increase of 2% compared with $92.9 million in the prior year.

Merchant Acquiring net revenue was $22.0 million, an increase of 6% compared with $20.8 million in the prior year. Revenue growth in the quarter was driven by the FirstBank merchant business, partially offset by the prior quarter client contract change to payment processing as well as other revenue mix shifts.

If you liked this article you might like

Puerto Rico Files for Title III Bankruptcy Protection

Analysts' Actions -- Facebook, Time Warner, Whole Foods, FireEye

Insider Trading Alert - EVTC, DMRC And AMBA Traded By Insiders

Insider Trading Alert - EVTC, ESL And SF Traded By Insiders

First Week Of August 21st Options Trading For Evertec (EVTC)