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NEWS AFTER HOURS
CompoSecure Reports Record Second Quarter 2024 Financial Results; Narrows 2024 Full Year Guidance to High End of Range
CompoSecure reported record Q2 2024 financial results, with net sales up 10% to $108.6 million and net income rising 3% to $33.6 million.
Earnings Flash (CMPO) COMPOSECURE Reports Q2 EPS $0.27, Vs. Street Est of $0.26
Adjusted EBITDA increased 8% to $40 million.
The company has narrowed its 2024 full-year guidance, now anticipating net sales between $418-$428 million and adjusted EBITDA between $150-$157 million.
The David Cote Family acquired a majority interest in CompoSecure, with David Cote becoming Executive Chairman. This move aims to simplify the corporate structure and enhance shareholder value. The company also expanded its partnership with Fiserv to market Arculus Authenticate.
Operational highlights include launching new card programs with Wells Fargo and Amex, winning three International Card Manufactures Awards, and receiving recognition from industry bodies.
CompoSecure amended its credit facility, securing lower rates and a longer term.
The company had $35.4 million in cash and $330.9 million in total debt as of June 30, 2024.
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