Verra Mobility Corp Stock Price, News & Analysis

Verra Mobility (NASDAQ: VRRM) has partnered with Rent A Car to expand its Easy Péage electronic toll payment service in France. Following a successful pilot program, the service allows rental customers to use reserved 'Liber-T' lanes, avoiding cash or card toll plazas, thereby saving time and fuel while adhering to social distancing guidelines. This rollout aims to enhance customer experience and increase the number of vehicles equipped with this technology across multiple rental locations.

Verra Mobility (NASDAQ: VRRM) has announced a binding agreement to acquire Redflex Holdings Limited (ASX: RDF) for A$0.92 per share, totaling A$146.1 million. This acquisition aims to enhance Verra's global delivery of road safety products and services, leverage synergies, and expand technological capabilities. The deal is expected to close in May 2021, pending shareholder and regulatory approvals. This merger signifies a strategic consolidation in the smart mobility sector, positioning Verra Mobility as a leader in innovative transportation solutions.

Verra Mobility (NASDAQ: VRRM) released alarming footage of the worst red-light runners in 2020, highlighting the dangers of distracted driving. Despite a decrease in overall traffic due to the pandemic, these incidents remind drivers of the consequences of reckless behavior. A study by the Insurance Institute for Highway Safety revealed that red-light safety cameras can reduce fatal red-light running crashes by 21%. Verra Mobility emphasizes the importance of such camera programs in enhancing road safety and encourages drivers to adhere to traffic laws.

Verra Mobility (NASDAQ: VRRM) announced that CFO Patricia Chiodo will present at the Credit Suisse 24th Annual Technology Conference on December 1, 2020, at 2:50 p.m. MT (4:50 p.m. ET). A live webcast and replay will be available on the company's website.

Verra Mobility, headquartered in Mesa, Arizona, focuses on cutting-edge mobility technology solutions, serving major commercial fleets and law enforcement to enhance transportation safety and efficiency across 15 countries.

Verra Mobility (NASDAQ: VRRM) reported Q3 2020 revenue of $96.9 million, a 24.4% decline from $128.2 million in Q3 2019, largely impacted by COVID-19 on the rental car sector. The company achieved a net income of $6.7 million, translating to $0.04 per share, down from $17.8 million or $0.11 per share a year prior. Year-to-date revenue reached $293.4 million, down 12.7% year-over-year. Despite challenges, Verra reported strong cash flow with $44.4 million net cash from operations and a cash balance of $129.2 million as of September 30, 2020.

Verra Mobility (NASDAQ: VRRM) appointed Patrick J. Byrne to its Board of Directors on November 2, 2020. Byrne will chair the Compensation Committee and join the Audit Committee, bringing significant technological and operational expertise from his role as CEO of GE Digital and previous leadership positions at Fortive and Danaher Corporation. His experience is expected to support Verra Mobility's mission of enhancing urban safety and mobility solutions. Following this appointment, the Board consists of 7 directors.

Verra Mobility (NASDAQ: VRRM) will report its third-quarter financial results after market close on November 5, 2020. The company will host a conference call at 3:00 PM MT to discuss these results with investors and analysts. The call can be accessed by dialing (866) 548-4713 in the U.S. or (323) 794-2093 internationally, with conference ID #6595730. An audio replay will be available until November 19, 2020. As a global leader in smart transportation, Verra Mobility provides innovative solutions to manage tolling transactions and safety technologies across over 15 countries.

Verra Mobility (NASDAQ: VRRM) has secured multi-year contracts with Broome, Oneida, and Orange Counties in New York to implement its CrossingGuard™ automated stop arm photo enforcement solution. This initiative aims to enhance safety by curbing illegal vehicle passes when children enter or exit school buses. The counties encompass 44 school districts and around 135,500 students. Verra Mobility is on track to install over 1,000 school zone speed safety cameras in New York City by the end of 2020, reinforcing its commitment to school safety amidst increasing violations, estimated at over 17 million annually.

Verra Mobility (NASDAQ: VRRM) reported its Q2 2020 financial results, revealing a total revenue of $79.8 million, down 27.2% from $109.6 million in Q2 2019. Service revenue was especially impacted by COVID-19, contributing $62.8 million, while product sales increased to $17.0 million. The company faced a net loss of $(15.4) million, translating to $(0.10) per share. Adjusted EBITDA dropped to $27.6 million from $59.7 million year-over-year. For the first half of 2020, revenue totaled $196.5 million, down 5.5%, with a net loss of $(8.7) million. As of June 30, cash stood at $113.2 million.