Western Union Posts Flat Q2; Boosts FY14 Outlook
Western Union (NYSE: WU) posted nearly flat second-quarter earnings that expectations while boosting its 2014 outlook.
Western Union's consumer money transfer business returned to positive revenue growth in the first half of 2014, and the company bought back more than $200 million in shares in the recent quarter, according to Chief Executive Hikmet Ersek.
The company raised it 2014 earnings forecast to $1.45 to $1.50 per share, from $1.40 to $1.50 previously, and expects revenue growth in the low- to mid-single digits from $5.45 billion a year earlier.
Wall Street expects 2014 earnings of $1.45 per share, on revenue of $5.65 billion.
In the recent period, consumer-to-consumer revenue grew two percent to $1.13 billion, while consumer-to-business fell five percent to $146 million. Electronic transfers grew 27 percent and equaled six percent of total revenue.
Net income fell two percent to $193.8 million, or $0.36 per share, from $198.6 million, or also $0.36 per share, a year earlier. Revenue gained one percent to $1.41 billion, from $1.39 billion last year.
Wall Street expected $0.36 per share on $1.42 billion in revenue.
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