earnings
confidence high
sentiment negative
materiality 0.75
Cass Q2 EPS $0.32 vs $0.52 YoY; net income $4.5M; client cyber event, $3.4M one-time expenses
CASS INFORMATION SYSTEMS INC
2024-Q2 EPS reported
$0.84
revenue$98,268,000
- Net income $4.5M ($0.32 EPS) vs $7.1M ($0.52) in Q2 2023; revenue impacted by drop in transportation volumes and loss of $100M client funding.
- Facility transaction volumes grew 25.1% YoY; transportation dollar volumes fell 6.5% due to freight recession.
- One-time expenses of $3.4M: $2.1M reserves on receivables and $1.3M late fees from check processing delay tied to client cyber event; permanent loss of ~$100M non-interest bearing funding.
- Board declared Q3 dividend $0.30/share, payable Sept 13, 2024 to holders of record Sept 3, 2024.
- Pension plan termination approved; expects ~$5.0M one-time expense in Q4 2024/Q1 2025, annual savings ~$1.0M.