By Connor Hart
Shares of FlexShopper hit a more-than-two-year high after the company posted an update on its holiday shopping season and fourth-quarter earnings.
The stock gained 40%, to $2.28, in afternoon trading Monday, a slight retreat from its high of $2.30 earlier in the day. Shares are up 40% in the last 52 weeks.
The Boca Raton, Fla., company, which provides durable goods including electronics and home furnishings to underserved consumers on a lease-to-own basis, said total lease originations were 58% higher in 2024's fourth quarter than in the prior year.
In December alone, the company achieved what it said was a record new customer application volume, up over 45% year-over-year. In the fourth quarter overall, application volume for both marketplace and total lease business is up 34% from a year earlier, the company said.
Chief Executive Russ Heiser said the company expects to continue growing in 2025, thanks in part to prior-period lease originations, which are recognized as lease revenue and will benefit financial results in future quarters. "These trends, combined with higher levels of originations, are expected to drive continued growth in revenue and profitability in 2025," he said.
Write to Connor Hart at connor.hart@wsj.com
(END) Dow Jones Newswires
January 06, 2025 14:47 ET (19:47 GMT)
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