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.
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