Consumer Portfolio Services Q3 net income rises on higher loan origination volume
CPSS•Consumer Portfolio Services reported Q3 revenue of $131.9 million, net income of $7 million and diluted EPS of $0.30. Revenue rose 22% year over year and diluted EPS increased 50%.
1. Quarterly results
Consumer Portfolio Services’ Q3 revenue rose 22% year over year to $131.9 million, while net income was $7 million and diluted EPS was $0.30. Operating expenses were $121.8 million.
2. Growth and outlook
The company attributed growth to higher loan origination volume and an expanding dealer network. Lower delinquencies, reduced charge-offs and higher recovery rates contributed to improved results; a lower diluted share count also partly lifted EPS. The company expects continued growth in originations and its dealership network, further market share gains and operating leverage improvements, and adequate funding capacity to support higher originations.
