Deluxe Q2 Profit Climbs; Revises FY22 Revenue Growth, Margin View

(RTTNews) - Deluxe (DLX), a payments and business technology company, reported Thursday that its second-quarter net income surged 82.6 percent to $22.1 million from last year's $12.1 million.

Earnings per share grew 78.6 percent to $0.50 from $0.28 a year ago. Adjusted earnings per share were $0.99, compared to last year's $1.25.

Revenue grew 17.7 percent to $563.0 million from $478.2 million a year ago.

Further, Scott Bomar, Senior Vice President and Chief Financial Officer of Deluxe, said, "We are updating our full year guidance to reflect our strong revenue performance and rate pressure."

The company now expects full-year revenue growth outlook at 10 percent to 12 percent excluding the impact of business exits; or 8 percent to 10 percent on a reported basis.

Adjusted EBITDA rate is now expected at 18.5 percent to 19.0 percent with the fourth quarter rate being higher than the third quarter due to normal seasonality pattern.

For full year 2022, the company previously expected revenue growth of 8 percent to 10 percent, and adjusted EBITDA margin of approximately 20 percent.

The Board of Directors recently approved a regular quarterly dividend of $0.30 per share. The dividend will be payable on September 6 to shareholders of record as of market closing on August 22.

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