Verra Mobility Corporation (VRRM) shares surged 5.08% in after-hours trading on Wednesday, following the release of its impressive third-quarter results that exceeded analyst expectations. The mobility technology company reported strong financial performance and raised its full-year guidance, signaling confidence in its growth trajectory.
For the quarter ended September 30, Verra Mobility reported total revenue of $261.9 million, representing a 16% year-over-year increase and significantly beating the consensus estimate of $237.7 million. The company's adjusted earnings per share (EPS) came in at $0.37, surpassing the expected $0.34. Additionally, adjusted EBITDA reached $113.3 million, outperforming the analysts' forecast of $107.6 million.
The robust performance was primarily driven by the expansion of the New York City Department of Transportation red-light program, which contributed $17 million to the quarter's revenue. In light of these strong results, Verra Mobility raised its full-year 2025 revenue guidance to a range of $955 million to $965 million, up from the previous forecast of $925 million to $935 million. Furthermore, the company's board of directors authorized an additional $150 million for share repurchases, demonstrating confidence in the company's financial position and commitment to delivering shareholder value.
Comments