CPS Announces Fourth Quarter and Full Year 2024 Earnings

Core Insights - Consumer Portfolio Services, Inc. reported earnings of $5.1 million, or$0.21 per diluted share, for Q4 2024, reflecting a decrease from the previous year [1][3] - Total revenues for Q4 2024 were $105.3 million, up 14.5$92.0 million in Q4 2023 [2][3] - The company experienced a total revenue increase of 11.8% for the full year 2024, reaching $393.5 million compared to$352.0 million in 2023 [3] Financial Performance - Operating expenses for Q4 2024 were $98.0 million, an increase from$82.1 million in Q4 2023 [2] - For the full year 2024, total operating expenses rose to $366.1 million from$290.9 million in 2023 [3] - Pretax income for Q4 2024 was $7.4 million, down from$9.8 million in Q4 2023, while full-year pretax income decreased to $27.4 million from$61.1 million [2][3] Portfolio and Contracts - CPS purchased $457.8 million in new contracts during Q4 2024, compared to$301.8 million in Q4 2023, with total contracts purchased for 2024 amounting to $1.682 billion [4] - The company's receivables reached$3.491 billion as of December 31, 2024, up from $2.970 billion a year earlier [4][12] - Annualized net charge-offs for Q4 2024 were 8.02% of the average portfolio, an increase from 7.74% in Q4 2023 [5][13] Management Commentary - The CEO noted a 24% growth in new loan originations for 2024, contributing to strong revenue growth and expressed optimism for 2025 [6]