Goeasy reported a fourth-quarter loss of $336.9 million as it took large charges related to its LendCare business.
The non-prime lender says the loss amounted to $20.49 per diluted share for the quarter compared with a profit of $54.2 million or $3.12 per diluted share a year earlier.
Goeasy says it recognized $177.9 million in incremental loan charge offs related to the LendCare portfolio in the fourth quarter and recorded a $159.6 million goodwill impairment charge related to its LendCare business.
On an adjusted basis, Goeasy says it lost $8.93 per diluted share in its latest quarter compared with an adjusted profit of $3.32 per diluted share in the fourth quarter of 2024.
Revenue for the quarter totalled $406.3 million, compared with $407 million a year earlier.
The company says it generated $951.5 million in loan originations in the quarter, up from $813.7 million a year earlier, while its consumer loan portfolio stood at $5.51 billion at the end of the quarter, up from $4.6 billion at the end of 2024.
Goeasy withdrew its financial guidance earlier this month, and announced it would take charges of more than $200 million in Q4. It also suspended its dividend.