CPI Card Group sees FY24 adjusted EBITDA up low-single digits

The company said, “The Company updated its outlook for 2024 to mid-to-high single-digit net sales growth and low single-digit Adjusted EBITDA growth. The prior outlook was a mid-single digit net sales increase and a slight increase in Adjusted EBITDA. The increase in the net sales outlook was driven by strength across CPI’s portfolio. The Free Cash Flow outlook was updated to be slightly below the 2023 level, compared to the previous outlook of approximately half of the 2023 level, primarily due to working capital improvements, lower expected capital spending, and a lower tax rate relative to the previous outlook. The Company now expects its year-end 2024 Net Leverage Ratio to be similar to the 2023 year-end level, compared to a previous outlook of between 3.0x and 3.5x. “