{"id":5962,"date":"2023-10-27T12:40:06","date_gmt":"2023-10-27T12:40:06","guid":{"rendered":"https:\/\/infundpros.com\/markets\/stocks\/earnings-call-evertec-announces-positive-q3-2023-results-looks-forward-to-sinqia-acquisition\/"},"modified":"2023-10-27T12:40:06","modified_gmt":"2023-10-27T12:40:06","slug":"earnings-call-evertec-announces-positive-q3-2023-results-looks-forward-to-sinqia-acquisition","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=5962","title":{"rendered":"Earnings call: EVERTEC announces positive Q3 2023 results, looks forward to Sinqia acquisition"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p>EVERTEC Inc. reported robust third-quarter results during its earnings conference call, with a 19% YoY revenue growth to $173 million and an adjusted EBITDA increase of 31% to $79 million. The company&#8217;s adjusted earnings per share rose by 51% to $0.80, surpassing expectations. EVERTEC also generated $163 million in operating cash flow and returned $33 million to shareholders through dividends and share repurchases. The company experienced growth across all segments, particularly in Puerto Rico and Latin America, and is looking forward to the completion of the Sinqia acquisition by year-end.<\/p>\n<p>Key takeaways from the call:<\/p>\n<ul>\n<li>EVERTEC&#8217;s Payment Services LatAm segment reported strong revenue growth, with Q3 revenue rising by 37% YoY to $46.2 million.<\/li>\n<li>The Business Solutions segment also saw revenue growth of 15% to $56.5 million in Q3.<\/li>\n<li>The company raised its 2023 revenue expectations to a range of $663 million to $667 million and adjusted earnings per share to $2.81 to $2.86.<\/li>\n<li>EVERTEC is in the process of acquiring Sinqia, a Brazilian company, with potential for cross-selling opportunities and growth acceleration.<\/li>\n<li>The company plans to expand in Brazil and other markets in Latin America, leveraging its capital and the M&amp;A expertise of the Sinqia team.<\/li>\n<li>EVERTEC is assisting a partner with platform migration and has seen success with investments in processing platforms in Latin America, particularly in Chile.<\/li>\n<\/ul>\n<p>CEO Mac Schuessler expressed satisfaction with the company&#8217;s performance and market share growth, particularly outside of Puerto Rico. He highlighted the potential for cross-selling opportunities and product localization with the pending Sinqia acquisition. The company plans to continue making investments in infrastructure and technology to drive growth. <\/p>\n<p>EVERTEC also discussed its progress in aiding a partner with their platform migration and highlighted its success in Latin America, particularly in Chile. The company has been successful in bundling its various products to offer unique solutions to customers in these markets. <\/p>\n<p>The company addressed concerns about a potential slowdown in Q4, citing the absence of last year&#8217;s hurricane-related slowdown and the expected low single-digit growth in the Business Solutions segment. The company mentioned that it has benefited from pricing initiatives in the past and will continue to adjust pricing based on different segments and verticals within its portfolio. <\/p>\n<p>The call concluded with the company expressing gratitude for participants and looking forward to upcoming conferences. The company&#8217;s stock ticker is NYSE:EVTC.<\/p>\n<p><em>This article was generated with the support of AI and reviewed by an editor. For more information see our T&amp;C.<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/earnings-call-evertec-announces-positive-q3-2023-results-looks-forward-to-sinqia-acquisition-93CH-3211907\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. EVERTEC Inc. reported robust third-quarter results during its earnings conference call, with a 19% YoY revenue growth to $173 million&#8230;<\/p>\n","protected":false},"author":1,"featured_media":3890,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[27],"tags":[],"class_list":{"0":"post-5962","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-stocks"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Earnings call: EVERTEC announces positive Q3 2023 results, looks forward to Sinqia acquisition | inFundPros<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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