Globe & Mail 09:53 AM EDT, 05/10/2021 (MT Newswires) -- Nuvei Corp. (NVEI.TO, NVEI-U.TO), which dropped 1.3% on Friday, reversed course early Monday with gains of 3.6% after it raised its full-year 2021 guidance on revenue and volume on the back of better-than-expected numbers in the first quarter.
The payment technology firm reported first-quarter adjusted net income of US$51.2 million, or $0.35 per share, jumping from $9.8 million or $0.11 per share in the same period a year ago.
As-reported net income reached $26.8 million or $0.19 per share, swinging from a net loss of $62.6 million or $0.74 per share in the first quarter of 2020, the company said Monday. Revenue rose 80% over the period to $149.9 million from $83.2 million.
Total volume of transactions came in at $20.6 billion, up about 132% from $8.9 billion a year ago. Adjusted EBITDA nearly doubled to $65.5 million from $33.3 million.
Nuvei raised its financial outlook for full year 2021 thanks to its better-than-expected performance in the first quarter. The company now expects revenue of between $610 million and $640 million this year, up from its previous target range of $570 million to $600 million.
Adjusted EBITDA is now seen hitting $264 million to $277 million, up from a range of $252 million to $265 million previously. Total volume of transactions is expected to settle from $83 billion to $89 billion, up from $81 billion to $87 billion.
Price: 84.11, Change: +3.24, Percent Change: +4.01