Business
CPS Announces Second Quarter 2024 Earnings
Revenues of $95.9 million compared to $84.9 million in the prior year periodPretax income of $6.7 millionNet income of $4.7 million, or $0.19 per diluted
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Revenues of $95.9 million compared to $84.9 million in the prior year periodPretax income of $6.7 millionNet income of $4.7 million, or $0.19 per diluted shareNew contract purchases of $431.9 million, compared to $318.4 million in the prior year period LAS VEGAS, NV, July 30, 2024 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $4.7 million, or $0.19 per diluted share, for its second quarter ended June 30, 2024. This compares to a net income of $14.0 million, or $0.55 per diluted share, in the second quarter of 2023. Revenues for the second quarter of 2024 were $95.9 million, an increase of $11.0 million, or 13.0%, compared to $84.9 million for the second quarter of 2023. Total operating expenses for the second quarter of 2024 were $89.2 million compared to $66.3 million for the 2023 period. A reversal of provision for credit loss expense reduced operating expenses by $2.0 million in the second quarter of 2024 and $9.7 million in the second quarter of 2023. Pretax income for the second quarter of 2024 was $6.7 million compared to pretax income of $18.6 million in the second quarter of 2023. For the six months ended June 30, 2024 total revenues were $187.6 million compared to $168.0 million for the six months ended June 30, 2023, an increase of approximately $19.7 million, or 11.7%. Total operating expenses for the six months ended June 30, 2024 were $174.4 million, compared to $130.9 million for the six months ended June 30, 2023. A reversal of provision for credit loss expense reduced operating expenses in the first six months of 2024 and 2023, by $3.6 million and $18.7 million, respectively. Pretax income for the six months ended June 30, 2024 was $13.2 million, compared to $37.0 million for the six months ended June 30, 2023. Net income for the six months ended June 30, 2024 was $9.3 million compared to $27.8 million for the six months ended June 30, 2023. During the second quarter of 2024, CPS purchased $431.9 million of new contracts compared to $346.3 million during the first quarter of 2024 and $318.4 million during the second quarter of 2023. The Company's receivables totaled $3.173 billion as of June 30, 2024, an increase from $3.021 billion as of March 31, 2024 and an increase from $2.910 billion as of June 30, 2023. Annualized net charge-offs fo...