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MoneyGram misses 4Q profit forecasts

DALLAS (AP) _ MoneyGram International Inc. (MGI) on Wednesday reported fourth-quarter profit of $7.2 million.

On a per-share basis, the Dallas-based company said it had net income of 11 cents. Earnings, adjusted for one-time gains and costs, came to 20 cents per share.

The results missed Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 23 cents per share.

The money transfer company posted revenue of $416.2 million in the period, beating Street forecasts. Five analysts surveyed by Zacks expected $396.3 million.

For the year, the company reported net income of $16.3 million, or 25 cents per share, swinging to a profit in the period. Revenue was reported as $1.63 billion.

MoneyGram shares have increased 39 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $16.39, more than doubling in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on MGI at https://www.zacks.com/ap/MGI

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Keywords: MoneyGram, Earnings Report