On the heels of yesterday’s late afternoon release of Carfinco’s 2012 yearend financial results, GMP Securities analyst Stephen Boland, updated his research on the company under the banner of “Q4/12 Results – Loan Growth Solid."
GMP is calling for EPS (Earnings Per Share) of $0.96 for this year and $1.11 in 2014.
Carfinco reported 2012 earnings of $20.6 million and EPS of $0.84 compared to $17.1 million and $0.70 EPS in 2011.
Carfinco, which continues to show greater than 50% annual shareholder’s Return On Equity, saw loan originations jump 28.6% to $149.6 million from $116.3 million in 2011.
Mr. Boland noted that loan provisions were increased to $7.5 million in Q4/2012 from $6 million in Q4/11 as the annual loss rate on finance receivables increased to 15.1% from 12.8%.
Carfinco management stated in the news release that it “has implemented modifications to our credit and collection policies where required and continues to evaluate loan losses on a geographical basis."
To read the news release and review the financial statements, please click here.