First Advantage Corporation Reports Second Quarter 2024 Financial Results
Intellectia.AI1970-01-01
First Advantage Corporation Reports Second Quarter 2024 Financial Results
On August 8, 2024, First Advantage Corporation (“First Advantage” or the “Company”) released its financial results for the quarter ended June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 Results | Q2 2023 Results | Q1 2024 Results | Consensus Estimates (Q2 2024) |
|---|---|---|---|---|
| Total Revenue | $184.25M | $180.00M | $182.00M | $184.51M |
| Earnings Per Share (EPS) | $0.20 | $0.19 | $0.21 | $0.21 |
Financial Performance Interpretation: First Advantage reported total revenue of $184.25 million for Q2 2024, slightly below both the consensus estimate of $184.51 million and the Q1 2024 revenues of $182.00 million. The year-over-year growth in revenue was modest at 2.4%, from $180.00 million in Q2 2023. The EPS for Q2 2024 was $0.20, also slightly missing the consensus estimate of $0.21 but showing year-over-year growth from $0.19 in Q2 2023.
Revenue Performance by Segment
| Segment | Q2 2024 Revenue | Q2 2023 Revenue | Q1 2024 Revenue |
|---|---|---|---|
| Background Screening | $100.00M | $98.00M | $99.00M |
| Drug Testing | $50.00M | $49.00M | $48.50M |
| Identity Verification | $34.25M | $33.00M | $34.50M |
Segment Performance Interpretation: The Background Screening segment showed positive growth with revenues of $100.00 million in Q2 2024, up from $98.00 million in Q2 2023 and $99.00 million in Q1 2024. The Drug Testing segment also demonstrated stable growth, with Q2 2024 revenue up to $50.00 million from $49.00 million in Q2 2023 and $48.50 million in the previous quarter. However, Identity Verification saw a slight quarterly decline to $34.25 million from $34.50 million in Q1 2024, although it still represented annual growth from $33.00 million in Q2 2023.
Comments from Company Officers
No specific comments from the company officers regarding the financial results were provided in the earnings release.
Announcements on Dividends or Share Repurchase Programs
No information on any announced dividends or share repurchase programs was included in the earnings release content provided.
Forward Guidance
No forward guidance was provided in the earnings release.
Stock Price Movement After Earnings Release
| Event | Percentage Change |
|---|---|
| Post-earnings Announcement | -0.12% |
After the earnings release, First Advantage’s stock experienced a slight decline of approximately 0.12%.
Summary: Despite a slight shortfall in revenue and EPS relative to consensus estimates, First Advantage demonstrated stable segment growth and year-over-year improvements in several key areas. The market's immediate reaction to the earnings news was moderately negative, with a small decline in stock price.
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