CPS Posts $6.95M Q3 Net Income, Topping Q2's $6.2M
CPSS sits 25% above its 52-week low of $7.39.
Summary
CPS reported Q3 net income of $6.95 million, or 30 cents a share, up from $6.2 million in Q2, which itself was up 30% year-over-year, on revenue of $131.9 million. The sequential gain comes as the lender has been scaling its funding base: it closed a $767.85 million term securitization on October 21 and expanded its Capital One revolving facility from $390 million to $518 million on October 13. For a subprime auto lender with a roughly $200 million market cap, a $750K sequential profit increase is meaningful, though the headline gives no origination or credit-loss detail. Watch the full release and any 8-K for contract purchase volumes and delinquency trends, which drive the story more than the net income line.
At the time of this announcement, CPSS was trading at $9.25 on NASDAQ in the Finance sector, with a market capitalization of approximately $202.6M. The 52-week trading range was $7.39 to $10.49. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.