Goeasy (OTC) ( (EHMEF) ) has released its Q4 earnings. Here is a breakdown of the information Goeasy (OTC) presented to its investors.
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Goeasy Ltd. is a Canadian company specializing in non-prime financial services, offering a wide range of lending and leasing products through its easyhome, easyfinancial, and LendCare brands. With a strong presence in the Canadian market, goeasy has served approximately 1.5 million customers and originated over $16 billion in loans, backed by a diverse workforce and a focus on community engagement.
In its latest earnings report, goeasy Ltd. announced record results for both the fourth quarter and the full year of 2024. The company reported a substantial increase in its loan portfolio, reaching $4.60 billion, a 26% rise from the previous year. Quarterly revenue also saw a significant uptick, increasing by 20% to reach $405 million. The annual dividend per share was increased by 25%, marking the 11th consecutive year of dividend growth.
The report highlighted several key financial metrics, including a 15% rise in loan originations during the fourth quarter, driven by a 28% increase in credit applications. The company maintained strong credit and payment performance, with a slight increase in the net charge-off rate to 9.1%. Operating income reached a record $165 million for the quarter, reflecting a 20% increase from the previous year. Despite a slight decrease in net income, adjusted metrics showed growth, with adjusted net income up 12% and adjusted diluted earnings per share up 11%.
Looking ahead, goeasy Ltd. aims to continue its growth trajectory by scaling its loan portfolio to between $7 billion and $8 billion by the end of 2027. The company plans to expand its product range and distribution channels while leveraging risk-based pricing to reduce borrowing costs for consumers. With a strong balance sheet and funding capacity, goeasy remains confident in its ability to achieve its growth targets and deliver another year of record earnings in 2025.
