Fast-Growing Cardtronics Reports Higher Second Quarter Earnings
HOUSTON – ATM operator Cardtronics on Thursday said strong revenue growth helped push its earnings up 6% for the second quarter to $8.7 million.
Second quarter revenues were $147.3 million, up 11% from the same quarter last year.
Cardtronics has emerged as a critical electronic switch for credit unions, with connections to the credit union-owned CO-OP Financial Services network, Credit Union 24 and Financial Service Centers Cooperative shared branch network.
The higher earnings come as Cardtronics has gone on an acquisition binge, first adding 3,700 new ATMs to its 25,000 machine U.S. fleet, then buying LocatorSearch, a company that provides online search services for ATMs, branches and a variety of services.
Second quarter highlights included an expansion of the company’s Mexico and United Kingdom ATM operations and expanded co-branding deals with several banks.
For the first six months of the year Cardtronics reported a 9% rise in revenues to $285.3 million and a 23% increase in earnings to $15.3 million.