Cardtronics Credits 2017 Success To Expanding FI Relationships
Feb 21, 2018
Cardtronics, the world’s largest ATM owner/operator, reported solid growth for Q4 2017 and for the full year in general. By the Q4 numbers, revenues were up 17 percent to $363.0 million from $309.8 million in the prior year, driven by the DCPayments and Spark acquisitions completed in January 2017. Operating revenues hit $346.2 million, up 18 percent from $294.7 million in the prior year. Revenue clocked in at $1.51 billion — a 19 percent pickup from the $1.27 billion logged at the end of 2016. ATM operating revenues came it at $1.45 billion, up 20 percent from $1.21 billion in the prior year. “2017 represented a dynamic and transitional year for Cardtronics. During the fourth quarter and throughout the year, we expanded our relationships with financial institutions, leveraging our unrivaled retail ATM footprint and breadth of offering. This past quarter was highlighted by new and expanded relationships with our Allpoint and ATM branding surcharge-free solutions. This traditional growth lever was complemented by growth in our new end-to-end ATM managed service solutions for financial institutions. We also continue to be the provider of choice for retailers with ATMs, adding high quality locations with both new and existing merchants, providing convenient consumer cash access,” commented Edward H. West, Cardtronics’ chief executive officer. Mr. West continued, “Looking ahead to 2018, with our leading ATM platform, we are well positioned to drive growth and become an increasingly important strategic partner to both financial institutions and retailers in our key markets, and we look forward to realizing the opportunities ahead. In 2018, we expect to generate increased free cash flows, which we plan to use to reduce debt.”
For 2018, Cardtronics is forecasting revenues of $1.25 billion to $1.29 billion with with net income of $1.0 million to $6.5 million.