Slight year-over-year declines in net income and earnings dulled Planet Payment’s second-quarter financials, but reported revenues were strong – and the comfortably profitable company remains on-course for significant growth, according to Chairman and CEO Carl Williams.
For the quarter ended June 30, the Long Beach-based provider of payment and multi-currency processing services reported revenues of $13.1 million, slightly better than the $12.7 million reported in 2Q 2015.
Despite the roughly 3 percent revenue jump, Planet Payment’s second-quarter net income was down – from $1.9 million to $1.3 million – and so were adjusted earnings before interest, taxes, depreciation and amortization, dipping from $2.9 million in 2Q 2015 to $2.8 million in 2Q 2016.
The year-over-year drops, obviously, were slight. And they belie a productive quarter in which Planet Payment continued spreading its proprietary services around the globe, including the launch of a multi-currency pricing solution in South Africa and new agreements deploying Pay In Your Currency – the firm’s flagship currency-conversion service – in Canada and Colombia.
Wednesday’s solid report followed a strong first quarter, ended March 31, in which Planet Payment’s year-over-year revenues increased 13 percent and the company reached agreements to introduce Pay In Your Currency to new customers in India, Canada and Mexico.
With its services continuing to spread across new and existing international markets, Planet Payment reaffirmed its fiscal outlook for the remainder of 2016, including total revenues predicted in the $57 million to $59.2 million range and fully diluted earnings estimated between 15 and 17 cents per share.
In short, the company “continues to lay the groundwork for long-term growth and future success,” according to Williams.
“Our strategic plan and hard work have resulted in sustained profitability,” the CEO said Wednesday. “We have expanded into new markets and launched solutions with new and existing partners, and continue to work diligently to improve the payment experience for merchants and consumers around the globe.”