05:29 PM EST, 11/13/2024 (MT Newswires) -- Pollard Banknote ( PBKOF ) after trade Wednesday said its third-quarter adjusted earnings easily beat forecasts on higher than expected revenues.

The lottery-products company said it earned $18.2 million, or $0.66 per share, in the period, up from $7.7 million, or $0.28, in the year-prior quarter. The results was well above the consensus Capital IQ forecast for a profit of $0.38 per share.

Revenue reached a new record of $153.2 million, up from $129.1 million a year ago. The Capital IQ consensus forecast was $141.5 million.

"Our core strategy of focused repricing on new and renewing instant ticket contracts over the past three years is paying significant financial dividends as the new prices flow into our financial statements and add incrementally each quarter," Co-Chief Executive Doug Pollard said.

He added that most of the company's contracts have been repriced, and all repriced contracts are expected to be in effect by the end of the year. The company will continue its repricing strategy for remaining contracts as they come up for renewal in 2025 and beyond.

Pollard shares closed down $0.07 to $23.63 on the Toronto Stock Exchange.