In a recent filing with the Securities and Exchange Commission, Deluxe (NYSE:DLX) Corporation, a company specializing in print-related products and services, announced the departure of its Principal Accounting Officer, Chad P. Kurth. The resignation will take effect on September 10, 2024, as disclosed in the company's 8-K report filed on August 20, 2024.
Kurth, who has played a significant role in the financial management of Deluxe Corp , has not publicly stated the reason for his departure. The company, headquartered in Minneapolis, Minnesota, has not yet named a successor.
This change in the company's executive team comes during a period of ongoing transformations in the print industry, with many companies in the sector adapting to the increasing digitization of business processes. Deluxe Corp, with a history dating back over a century, has been navigating these industry shifts while maintaining its position in the market.
Deluxe Corporation, formerly known as Deluxe Check Printers Inc., has a long-standing presence in the manufacturing sector, particularly in the production of blank books, loose-leaf binders, bookbinding, and related work.
In other recent news, Deluxe Corporation announced the appointment of Angela L. Brown to its Board of Directors. Brown, with a rich background in banking institutions and payment services, is expected to contribute significantly to Deluxe's merchant services expansion.
Notably, the company recently reported its Q2 2024 financial results, with a GAAP net income of $20.5 million and adjusted EBITDA of $101.8 million. Despite a 5.9% decrease in total revenue, which stood at $538 million, the Merchant Services segment saw growth.
On the other hand, Deluxe's B2B Payments and Print segments experienced declines. Amid these developments, the company maintains its full-year guidance for adjusted EBITDA between $400 million and $420 million, with an adjusted EPS forecast between $3.10 and $3.40.
The company's North Star operating plan, projected to significantly enhance profitability by 2026, is underway. However, due to economic pressures on consumer spending, Deluxe revised its revenue expectations slightly downward. These are among the recent developments in Deluxe Corporation.
InvestingPro Insights
In light of the recent executive changes at Deluxe Corporation, investors may find the following insights from InvestingPro particularly relevant. With a market capitalization of approximately $867.86 million, Deluxe Corp is navigating the evolving landscape of the print industry. The company's shareholder yield is notable, indicating a commitment to returning value to investors. This is further supported by a significant dividend history, with Deluxe Corp maintaining dividend payments for 54 consecutive years, and a current dividend yield of 6.03%.
While the company's revenue has seen a slight decline of 3.94% over the last twelve months as of Q2 2024, its gross profit margin remains impressive at 53.87%, highlighting efficient operations despite challenging market conditions. Additionally, Deluxe Corp is expected to be profitable this year, with net income projected to grow, which could signal a positive outlook for the company's financial performance.
For those interested in further analysis and metrics, InvestingPro offers additional tips on Deluxe Corporation, which can be accessed on their platform. The service provides an in-depth look at factors such as earnings revisions, stock performance over various time frames, and fair value assessments, with 9 additional tips currently available for Deluxe Corp.
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