Consumer Portfolio Services Reports Fourth Quarter and Full Year 2024 Earnings

Consumer Portfolio Services, Inc. (NASDAQ: CPSS) announced its fourth quarter and full year 2024 financial results on February 25, 2025, detailing an increase in revenues amid rising operating expenses.

For the fourth quarter ending December 31, 2024, the company reported earnings of $5.1 million, or $0.21 per diluted share, with revenues of $105.3 million – a 14.5% increase from $92.0 million in the comparable period of 2023. Operating expenses for Q4 2024 reached $98.0 million compared to $82.1 million a year earlier, while pretax income declined to $7.4 million from $9.8 million in Q4 2023.

Over the full year, Consumer Portfolio Services delivered revenues of $393.5 million, up approximately 11.8% from $352.0 million in 2023. However, increasing operating expenses, which totaled $366.1 million in 2024 compared to $290.9 million in the previous year, contributed to the full-year pretax income of $27.4 million—a significant decrease from $61.1 million in 2023. Consequently, full year net income fell to $19.2 million, or $0.79 per diluted share, versus $45.3 million in the preceding year.

Additional highlights include a record total portfolio balance of $3.491 billion and new contract purchases amounting to $1.682 billion for the full year 2024, compared to $1.358 billion in 2023. The company also noted that during the fourth quarter, it purchased $457.8 million in new contracts, showing sequential strength relative to prior period figures.

Commenting on the performance, Chief Executive Officer Charles E. Bradley stated, “New loan originations grew by 24% in 2024 over the prior year, leading to solid top line revenue growth. With positive trends in loan originations and operating efficiencies, we remain optimistic in all aspects of our business going into 2025.”

Consumer Portfolio Services will host a conference call on February 26, 2025, at 1:00 p.m. ET to further discuss its fourth quarter operating results. Interested parties can pre-register online to receive dial-in details, with the call expected to commence promptly after a brief pre-call period. A replay of the discussion will be available for 12 months on the company’s investor relations website.

The company, specializing in indirect automobile financing for consumers with past credit challenges, reiterated its commitment to leveraging growth in new loan originations and operational efficiency as key drivers for future performance.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Consumer Portfolio Services’s 8K filing here.

Consumer Portfolio Services Company Profile

Consumer Portfolio Services, Inc operates as a specialty finance company in the United States. It is involved in the purchase and service of retail automobile contracts originated by franchised automobile dealers and select independent dealers in the sale of new and used automobiles, light trucks, and passenger vans.