Evertec Inc (NYSE: EVTC), a leading payment processing company, saw its stock soar by 9.62% during Thursday's pre-market trading session. This significant surge was driven by two key factors:
Firstly, Evertec reported strong financial results for the fourth quarter and full year 2024, showcasing its robust performance and growth prospects. The company achieved record revenue of $845.5 million for 2024, marking a 22% increase year-over-year. This impressive growth was fueled by the successful integration of the Sinqia acquisition and robust expansion in Latin America.
Additionally, Evertec's adjusted EBITDA grew by 17% year-over-year to $340.2 million, with a margin of 40.2%, reflecting strong efficiency and expense management. The company also delivered an adjusted EPS of $3.28, up 16% year-over-year, and returned $95 million to shareholders through share repurchases and dividends.
Secondly, the stock's rally was further boosted by a positive analyst action from Susquehanna. The firm upgraded Evertec from Negative to Neutral and raised its price target to $30 from $28, citing the company's strong performance and growth prospects. This favorable analyst action bolstered investor confidence in the stock.
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.