Green Dot Beats Q3 EPS

Green Dot Corporation GDOT reported financial results Thursday for the third quarter ended September 30, 2014.

The company reported growth of 6 percent year-over-year in non-GAAP total operating revenues to $146.8 million, below estimates of $150.6 million.

Non-GAAP diluted earnings per share were reported at $0.36, representing 50 percent year-over-year growth -- above estimates of $0.28.

Net cash provided by operating activities in the quarter was $21.8 million.

As of September 30, 2014, Green Dot’s consolidated balance sheet held total cash and investment securities of $846.1 million, which is 50 percent higher than at the same time last year.

"Our solid third quarter results were driven by the continued growth in active cards along with increasing revenue derived from those active cards. This is also another quarter showing significant year-over-year margin expansion, which is in part a result of a continued mix shift in our total active card portfolio towards higher margin products, and the continued realization of significant efficiencies in our operating infrastructure,” said Steve Streit, Green Dot Chairman and Chief Executive Officer.

Green Dot closed at $22.17 Thursday, up 2.59 percent.