RTTNews | Nov 5, 2021 11:03AM EDT

11:03 Friday, November 5, 2021 (RTTNews.com) - Shares of payment technology company CPI Card Group Inc. (PMTS) are down more than 23% Friday morning after the company said it expects less strong revenue growth in the fourth quarter. However, CPI Card posted higher revenue and earnings in the third quarter compared with last year.

Looking forward, the company said it does not expect fourth quarter sales growth as strong as the first nine months as benefits of price increases and equipment investments are expected to have limited impact during the quarter.

However, CPI Card's third quarter earnings increased to $6.6 million, or $0.56 per share from $5.8 million, or $0.52 per share in the same quarter a year ago.

Net sales increased 20% year-over-year to $99.6 million.

PMTS, currently at $23.40 has traded in the range of $3.52- $38.92 in the last one year.

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