Consumer Portfolio Services, Inc. (CPSS) stock has been surging nearly 16% pre-market today. In the wake of its results release on Tuesday after the market closed, the stock saw a decline of -2.33% to $4.20 on Thursday, reversing the gains it made on Wednesday. But the stock seems to be in recovering mode.
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Company’s business model:
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Individuals with previous credit problems or limited credit histories can benefit from indirect auto financing through Consumer Portfolio Services, Inc. CPSS purchases retail installment sales contracts secured by late model used and new cars from franchised automobile dealerships. Funding these transactions, primarily through the securitization markets, is the company’s primary source of funding for long-term contract purchases, and it services the contracts on a long-term basis.
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Financial Highlights:
- Earnings of $4.1 million, or $0.17 per share, were reported by Consumer Portfolio Services for the period ending December 31, 2020, falling short of the estimate of $0.23 per share. This compares to net income of $29,000 in the same quarter of the previous year.
- Revenue of $62.4 million decreased by $23.3 million, or 27.2%, from $85.7 million in the December quarter of 2019.
- A decrease of approximately $74.6 million, or 21.6% was seen by the company in posting total revenues of $271.2 million for the year ended December 31, 2020, against $345.8 million in revenue in 2019.
- During the twelve months ended December 31, 2020, the company realized a net income of $21.7 million, or $0.90 per share, compared to that of $5.4 million, or $0.22 per share, for the previous year.
- According to the latest CPS report, over the reported quarter, the company has purchased $166.7 million in new contracts, compared with $247.5 million during the same quarter of the previous year. The total value of the contracts purchased during the third quarter of 2020 was $174.0 million.