Consumer Port Stock Price, News & Analysis

Consumer Portfolio Services (Nasdaq: CPSS) reported first-quarter revenues of $83.1 million, an increase of 11.7% from $74.4 million compared to the prior year. The net income for the quarter was $13.8 million, or $0.54 per diluted share, down from $21.1 million or $0.75 per diluted share last year. The pretax income was $18.4 million, compared to $29.3 million in the same quarter last year. The company purchased $415.2 million in new contracts during the quarter. However, annualized net charge-offs rose to 5.20% from 3.29% in the prior year, and delinquencies greater than 30 days increased to 9.92% compared to 8.59% a year earlier.

Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced a conference call scheduled for April 27, 2023, at 2:00 p.m. ET to discuss its first quarter 2023 operating results. Participants can pre-register for the call through a provided link and are encouraged to join 15 minutes early to avoid delays. A replay will be available on the company’s website for 12 months post-call. CPSS focuses on providing indirect automobile financing to individuals with credit challenges, acquiring retail installment sales contracts primarily from franchised dealerships.

Consumer Portfolio Services, Inc. (Nasdaq: CPSS) announced a conference call scheduled for March 15, 2023, at 1:00 p.m. ET to discuss its fourth quarter 2022 operating results. Participants are encouraged to pre-register for the call using the provided link and to dial in 15 minutes early. A replay of the call will be available on the Company’s website for 12 months after the event. Consumer Portfolio Services specializes in providing indirect automobile financing to individuals with past credit issues or limited credit histories, primarily purchasing retail installment sales contracts from franchised dealerships.

Consumer Portfolio Services (CPSS) reported a net income of $14.1 million or $0.59 per diluted share for Q4 2022, down from $19.0 million or $0.71 per share in Q4 2021. Total revenues for Q4 2022 rose 19.7% to $83.0 million, while operating expenses increased to $64.7 million. For the full year, net income reached $86.0 million or $3.23 per diluted share, significantly up from $47.5 million in 2021. Total revenues for 2022 were $329.7 million, a 23.1% increase. The company generated $1.854 billion in new contracts during 2022, marking a 62% increase over the previous year.

Consumer Portfolio Services, Inc. (Nasdaq: CPSS) has successfully completed its first term securitization of 2023, marking its 46th senior subordinate securitization since 2011. This transaction involved the sale of $324.8 million in asset-backed notes, supported by $362.9 million in automobile receivables. Notably, this securitization received a triple “A” rating from at least two rating agencies for the senior class of notes. The weighted average coupon on the notes stands at approximately 6.82%, with initial credit enhancement comprising a cash deposit and overcollateralization. The offering was a private transaction, exempt from registration under securities laws.

Consumer Portfolio Services (Nasdaq: CPSS) is enhancing its FinTech capabilities through AI and machine learning to streamline auto loan processing. The company secured three significant partnerships to improve efficiency, reduce funding times, and expand payment options. Collaborating with Informed.IQ will automate income calculations, while Prodigal optimizes collections. Partnering with PayNearMe aims to accelerate digital payments and eliminate cash transactions. An AI credit model is set for Q1 2023 to enhance fraud detection and approval rates, marking a transformative year for CPS.

Consumer Portfolio Services (CPSS) reported significant growth for Q3 2022, with a net income of $25.4 million, an 85% increase from $13.7 million in Q3 2021. Earnings per share rose to $0.95 compared to $0.52 last year. Total revenues reached $90.3 million, up from $68.6 million, and pretax income soared 76% to $34.3 million. New contract purchases totaled $468.2 million, a 43% increase year-over-year. However, annualized net charge-offs increased to 4.93% from 2.82% in the prior year.

Consumer Portfolio Services, Inc. (Nasdaq: CPSS) will host a conference call on November 10, 2022, at 1:00 p.m. ET to discuss its third quarter 2022 operating results. Interested participants can pre-register for the call online and are advised to join 15 minutes early to avoid delays. A replay will be accessible for 12 months after the call via the company's website. CPS is a specialty finance company focusing on indirect automobile financing for individuals with past credit challenges, primarily acquiring retail installment sales contracts from franchised dealerships.