CPI Card Group Q1 2024 Earnings Report
Key Takeaways
CPI Card Group reported a 7% decrease in net sales to $111.9 million, a 50% decrease in net income to $5.5 million, and an 8% decrease in Adjusted EBITDA to $23.0 million compared to the prior year first quarter. These results reflect cautious customer spending in the Debit and Credit segment, offset by strong growth in the Prepaid segment. The company anticipates a market recovery in the second half of the year and has affirmed its full-year net sales and Adjusted EBITDA outlook.
Net sales decreased by 7% year-over-year, totaling $111.9 million.
Net income decreased by 50% year-over-year, amounting to $5.5 million, primarily due to CEO transition-related expenses.
Adjusted EBITDA decreased by 8% year-over-year, reaching $23.0 million.
Prepaid Debit segment net sales increased by 26%, while Debit and Credit segment net sales decreased by 14%.
CPI Card Group
CPI Card Group
CPI Card Group Revenue by Segment
Forward Guidance
The Company affirmed its net sales and Adjusted EBITDA financial outlook for 2024. The Company continues to expect slight increases in both net sales and Adjusted EBITDA for the full year, with declines in the first half of the year offset by growth in the second half.
Revenue & Expenses
Visualization of income flow from segment revenue to net income