EVERTEC, Inc. (EVTC) has reported a 20.27 percent rise in profit for the quarter ended Mar. 31, 2017. The company has earned $23.03 million, or $0.31 a share in the quarter, compared with $19.15 million, or $0.26 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $32.95 million, or $0.45 a share compared with $30.95 million or $0.41 a share, a year ago. Revenue during the quarter grew 6.08 percent to $101.28 million from $95.48 million in the previous year period. Gross margin for the quarter expanded 185 basis points over the previous year period to 56.39 percent. Total expenses were 69.79 percent of quarterly revenues, down from 72.18 percent for the same period last year. This has led to an improvement of 238 basis points in operating margin to 30.21 percent.
Operating income for the quarter was $30.59 million, compared with $26.57 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $49.16 million compared with $46.04 million in the prior year period. At the same time, adjusted EBITDA margin improved 31 basis points in the quarter to 48.54 percent from 48.23 percent in the last year period.
Mac Schuessler, president and chief executive officer, stated "We are pleased with our first quarter financial results that exceeded our expectations. We are encouraged by the strong start to the year and remain focused on our execution while we cautiously monitor the impacts of the unfolding resolution of the Puerto Rico fiscal situation."
For fiscal year 2017, EVERTEC, Inc. forecasts revenue to be in the range of $394 million to $404 million. The company expects diluted earnings per share to be in the range of $0.96 to $1.10. It company expects diluted earnings per share to be in the range of $1.54 to $1.67 on adjusted basis.
Operating cash flow declines
EVERTEC, Inc. has generated cash of $25.30 million from operating activities during the quarter, down 16.29 percent or $ 4.93 million, when compared with the last year period. The company has spent $6.68 million cash to meet investing activities during the quarter as against cash outgo of $5.67 million in the last year period.
The company has spent $18.48 million cash to carry out financing activities during the quarter as against cash outgo of $17.27 million in the last year period.
Cash and cash equivalents stood at $52.07 million as on Mar. 31, 2017, up 44.49 percent or $16.03 million from $36.04 million on Mar. 31, 2016.
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