EVERTEC Reports Strong Q3 2024 Results and Acquisition

EVERTEC INC ( (EVTC) ) has released its Q3 earnings. Here is a breakdown of the information EVERTEC INC presented to its investors.

EVERTEC, Inc. is a prominent transaction processor and financial technology provider in Latin America, Puerto Rico, and the Caribbean, known for its comprehensive services in merchant acquiring, payment processing, and business solutions. Based in Puerto Rico, it serves a diverse clientele, including financial institutions, merchants, and government agencies.

In its third quarter of 2024, EVERTEC reported impressive results, highlighted by a 22% increase in revenue to $211.8 million and a 146% rise in GAAP net income attributable to common shareholders, reaching $24.7 million. The company also announced the acquisition of Grandata, a data analytics firm, which aligns with its strategic focus on Latin America and revenue diversification.

Key performance metrics for the quarter include an 11% increase in adjusted EBITDA to $87.4 million and an 8% rise in adjusted earnings per share to $0.86. The revenue growth was primarily driven by organic expansion across all segments and contributions from the Sinqia acquisition. Notably, EVERTEC also engaged in share repurchases totaling $12.3 million during the quarter.

The acquisition of Grandata is expected to enhance EVERTEC’s product offerings by leveraging behavioral data for credit risk insights, particularly targeting underbanked populations. This move is part of EVERTEC’s broader strategy to expand its footprint in Latin America and strengthen its service portfolio.

Looking ahead, EVERTEC remains optimistic about its growth prospects, projecting a 21% to 22% increase in total consolidated revenue for 2024. The company is committed to capitalizing on its recent acquisitions and maintaining its focus on strategic expansion and operational efficiency.