Western Union Reports Decline in Quarterly Earnings

Deep News04-24 21:11

Western Union announced a decrease in profits for the first quarter, citing macroeconomic headwinds impacting its retail business in the Americas.

The company reported a net income of $64.7 million, or 20 cents per share, for the quarter. This compares to a net income of $123.5 million, or 36 cents per share, for the same period last year.

Adjusted earnings per share were 25 cents, falling short of the 39 cents per share consensus estimate from analysts surveyed by Refinitiv FactSet.

The company attributed the profit pressure to several factors, including decreased fixed cost coverage at its agent locations, timing mismatches in supplier incentives, increased costs from new strategic partnerships, significant foreign exchange losses, and a higher tax rate.

Chief Executive Officer Devin McGranahan stated, "First-quarter results reflect the ongoing operational challenges in our Americas retail business, as well as the short-term impact of several one-time special items."

Revenue for the quarter was $982.7 million, slightly down from $983.6 million a year earlier. This figure surpassed Wall Street analyst expectations for revenue of $960.6 million.

Western Union reaffirmed its full-year performance guidance, projecting unadjusted revenue growth of 5% to 8% year-over-year. The company's forecast for full-year adjusted earnings per share is in the range of $1.75 to $1.85. The current consensus analyst estimate for full-year adjusted earnings per share is $1.79.

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