Business
CPS Announces Third Quarter 2022 Earnings
Pretax income of $34.3 million, a 76% increase over the prior year periodNet income of $25.4 million, an 85% increase over the $13.7 million in Q3 2021Diluted
About this update from Consumer Portfolio Services, Inc.
[{"type":"text","content":"Pretax income of $34.3 million, a 76% increase over the prior year periodNet income of $25.4 million, an 85% increase over the $13.7 million in Q3 2021Diluted EPS of $0.95 compared to $0.52 in the prior year periodNew contract purchases of $468.2 million, a 43% increase over the prior year period LAS VEGAS, NV, Nov. 09, 2022 (GLOBE NEWSWIRE) -- Consumer Portfolio Services, Inc. (Nasdaq: CPSS) (“CPS” or the “Company”) today announced earnings of $25.4 million, or $0.95 per diluted share, for its third quarter ended September 30, 2022. This compares to net income of $13.7 million, or $0.52 per diluted share, in the third quarter of 2021. Revenues for the third quarter of 2022 were $90.3 million, compared to $68.6 million for the third quarter of 2021. Total operating expenses for the third quarter of 2022 were $56.0 million compared to $49.0 million for the 2021 period for an increase of $6.9 million, or 14.2%. Pretax income for the third quarter of 2022 was $34.3 million compared to pretax income of $19.5 million in the third quarter of 2021, an increase of $14.8 million. For the nine months ended September 30, 2022 total revenues were $246.7 million compared to $198.4 million for the nine months ended September 30, 2021, an increase of approximately $48.2 million, or 24.3%. Total expenses for the nine months ended September 30, 2022 were $148.8 million, a decrease of $8.3 million, or 5.3%, compared to $157.1 million for the nine months ended September 30, 2021. Pretax income for the nine months ended September 30, 2022 was $97.9 million, compared to $41.4 million for the nine months ended September 30, 2021, an increase of $56.5 million. Net income for the nine months ended September 30, 2022 was $71.9 million compared to $28.6 million for the nine months ended September 30, 2021. During the third quarter of 2022, CPS purchased $468.2 million of new contracts compared to $548.1 million during the second quarter of 2022 and $326.8 million during the third quarter of 2021. The Company's receivables totaled $2.687 billion as of September 30, 2022, an increase from $2.555 billion as of June 30, 2022 and $2.161 billion as of September 30, 2021. Annualized net charge-offs for the third quarter of 2022 were 4.93% of the average portfolio as compared to 2.82% for the third quarter of 2021. Delinquencies greater than 30 days (including r...