TPI Composites files for Chapter 11 bankruptcy, plans delisting from Nasdaq
LITTLETON, Colo. -On Tuesday, CPI Card Group Inc . (NASDAQ:PMTS) reported fourth quarter revenue that exceeded analyst expectations
The company’s shares were up 1.25% in premarket trading following the release.
The payments technology company posted revenue of $125 million for the quarter, surpassing the consensus estimate of $120.23 million. Net income rose 148% year-over-year to $6.8 million, or $0.57 per diluted share, slightly below analyst projections of $0.58 per share.
"We are pleased to report strong results in the fourth quarter, led by exceptional performance from our prepaid business," said John Lowe, President and CEO.
Fourth quarter net sales increased 22% compared to the prior year period, driven by strong growth in the prepaid segment and increased sales of contactless debit and credit cards. Prepaid Debit segment net sales surged 59% to $33.4 million.
For the full year 2024, net sales rose 8% to $480.6 million. The company’s Prepaid Debit segment reached $106.5 million in sales, up 26% from 2023.
Looking ahead, CPI Card Group projects mid-to-high single-digit growth for both net sales and adjusted EBITDA in 2025. The company expects net sales growth to be led by its Debit and Credit segment.
"We refined our strategy during the year, enhancing our focus on expanding into new adjacent market opportunities," Lowe added.
CPI Card Group ended 2024 with a net leverage ratio of 3.0 times and expects this metric to improve further by the end of 2025.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.