EVERTEC, Inc. announced strong fourth quarter and full year 2024 financial results, with full year revenue reaching a record $845.5 million, a 22% increase year-over-year. Fourth quarter revenue grew 11.2% to $216.4 million, with Adjusted EBITDA rising 24% to $88.6 million and Adjusted EPS increasing 40% to $0.87.
The company completed the acquisition of Nubity on November 19, 2024, a Mexico-based cloud services provider specializing in AWS cloud infrastructure management and DevOps. This acquisition enhances EVERTEC's product offerings and creates cross-sell opportunities across Latin America and Puerto Rico.
EVERTEC also announced a new deal with Grupo Aval in Colombia, one of the largest financial groups in the country, to provide acquiring processing and risk monitoring services to two of its banks. This win is expected to contribute to organic growth from 2026 onwards, highlighting the strength of EVERTEC's Latin American pipeline.
For the full year 2024, Adjusted EBITDA was $340.2 million, up 17%, with an Adjusted EBITDA margin of 40.2%. Latin America's contribution to total revenue reached 33% in 2024, up from 10% in 2015, demonstrating successful diversification.
The company provided its initial 2025 outlook, projecting revenues between $875 million and $890 million, representing 3.5% to 5.3% growth. Adjusted EPS is expected to be between $3.35 and $3.50, with an Adjusted EBITDA margin of 39.5% to 40.5%.
EVERTEC repurchased 2.4 million shares for $82.3 million in 2024, with approximately $138 million remaining on its share repurchase program through December 31, 2025. The company also noted that cost efficiency measures are in place to offset a 10% discount on certain Popular, Inc. services starting in Q4 2025.
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