Verra Mobility Corporation Reports Financial Results for Q2 2024
Intellectia.AI Updated: 1970-01-01
Verra Mobility Corporation Reports Financial Results for Q2 2024
Verra Mobility Corporation reported its financial results for the quarter ending June 30, 2024.
Key Financial Metrics
| Metric | Q2 2024 | Q2 2023 | YoY % Change | Consensus Estimate |
|---|---|---|---|---|
| Total Revenue | $222.4M | $204.5M | +8.7% | N/A |
| Earnings Per Share (EPS) | N/A | N/A | N/A | N/A |
Verra Mobility demonstrated robust financial performance with a year-over-year revenue increase of 8.7%, driven primarily by growth in its service revenue. The company’s revenue growth reflects strong demand across its segments, particularly in Commercial Services and Government Solutions.
Revenue Performance by Segment
| Segment | Revenue Q2 2024 | Revenue Q2 2023 | YoY % Change |
|---|---|---|---|
| Commercial Services | $104.0M | $94.5M | +10.1% |
| Government Solutions | $91.5M | $85.0M | +7.6% |
| Parking Solutions | $16.6M | $16.6M | 0% |
Revenue growth in the Commercial Services segment was driven by increased travel volume and tolling activity. Government Solutions also saw growth due to program expansions and new implementations.
Dividends and Share Repurchase Program
On June 6, 2024, Verra Mobility repurchased 2.0 million shares of its Class A Common Stock directly from a stockholder for an aggregate purchase price of $51.5 million. The company has $48.5 million remaining under its authorized share repurchase program.
Stock Price Movement
Following the earnings release, the company's stock price experienced a 1.28% increase.
Verra Mobility continues to leverage its technology solutions to drive growth and expand its market footprint, as evidenced by the positive financial results for Q2 2024. With a strong focus on expanding its service offerings and efficiently managing its resources, the company is well-positioned for future growth.
Note: The report has been organized for clarity, and non-informative sections have been removed.
