CompoSecure Reports Q2 2024 Financial Results
Intellectia.AI Updated: 2024-08-08
CompoSecure Reports Q2 2024 Financial Results
CompoSecure, Inc. (NASDAQ: CMPO), a leader in metal payment cards, security, and authentication solutions, announced its financial results for the second quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | Year-over-Year Change | Consensus Estimates |
|---|---|---|---|---|
| Net Sales | $108.6 million | $98.5 million | +10% | $103.25 million |
| Net Income | $33.6 million | $32.7 million | +3% | Not provided |
| EPS (Basic) | $0.44 | $0.31 | +42% | $0.25 |
| EPS (Diluted) | $0.32 | $0.29 | +10% | $0.25 |
| Adjusted EBITDA | $40.0 million | $36.9 million | +8% | Not provided |
| Adjusted EPS (Basic) | $0.31 | $0.29 | +7% | Not provided |
| Adjusted EPS (Diluted) | $0.27 | $0.25 | +8% | Not provided |
Interpretation: CompoSecure exceeded the consensus estimates for both revenue and EPS, demonstrating strong financial performance. The 10% increase in net sales and 8% rise in adjusted EBITDA reflect continued growth driven by domestic expansion and international demand.
Segment Performance
No detailed segment breakdown or previous guidance comparison was provided in the earnings release.
Comments from Company Officers
Jon Wilk, President and CEO, stated, "I am pleased to report another record quarter of Net Sales and Adjusted EBITDA, driven by continued growth in our domestic business and strong international demand." He also highlighted expansions in strategic partnerships and the continued roll-out of premium card programs as key factors in their growth.
Dividends or Share Repurchase Program
No specific dividends or share repurchase programs were announced in the earnings release.
Forward Guidance
The company has narrowed its fiscal 2024 guidance, now anticipating net sales between $418-$428 million (previously $408-$428 million) and adjusted EBITDA between $150-$157 million (previously $147-$157 million).
Stock Price Movement
Post-earnings release, CompoSecure's stock price experienced a decline of approximately 4.33%.
Summary: CompoSecure reported robust financial performance for Q2 2024, surpassing consensus expectations and showing strong year-over-year growth in key metrics. The company has narrowed its fiscal 2024 guidance, indicating confidence in its ongoing business strategies and financial health. The positive operational highlights and strategic partnerships contribute towards a promising outlook, despite the recent dip in stock price post-announcement.
The report has been organized into a clear and concise format suitable for investors.