(Adds outlook, share movement)
Following better-than-expected quarterly results, OppFi Inc. (OPFI) increased its annual profit outlook.
Todd Schwartz, CEO of OppFi, said: "Our second quarter 2024 results substantially exceeded our expectations and enabled us to raise full-year earnings guidance by more than 20%. The strong profitability was a result of operational and credit initiatives that drove strong loss, payment and recovery performance, as well as improved operating achievement on key metrics and net profit margin."
For the third-quarter, the company expects adjusted income of $17 million or $0.20 per share to $19 million or $0.22 per share.
For the full year, OppFi now expects adjusted earnings of $63 million or $0.73 - $65 million or $0.75 per share, compared with its earlier outlook of $50 million or $0.58 per share - $54 million or $0.62 per share. .
The company has also reaffirmed its annual revenue guidance of $510 million to $530 million.
OPFI was trading up by 16.51 percent at $3.950 in the pre-market trade on the New York Stock Exchange.
Q2 Results:
OppFi released a profit for its second quarter that increased from the same period last year
The company's bottom line totaled $27.676 million, or $0.16 per share. This compares with $18.076 million, or $0.14 per share, in last year's second quarter.
Excluding items, OppFi Inc. reported adjusted earnings of $24.781 million or $0.29 per share for the period.
The company's revenue for the quarter rose 3.1% to $126.304 million from $122.486 million last year.
OppFi Inc. earnings at a glance (GAAP) :
-Earnings (Q2): $27.676 Mln. vs. $18.076 Mln. last year.-EPS (Q2): $0.16 vs. $0.14 last year.-Revenue (Q2): $126.304 Mln vs. $122.486 Mln last year.
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