Western Union delivers second-quarter profits
Associated Press
Originally published 11:18 a.m., July 22, 2008
Updated 09:43 p.m., July 22, 2008
Money transfer services provider Western Union Co. said international growth helped drive second-quarter profit up 13 percent and that it has raised its earnings outlook for the full year.
Douglas County-based Western Union said Tuesday that net income rose to $231.5 million, or 31 cents a share, from $204.5 million, or 26 cents a share, a year ago. Excluding restructuring charges, the company earned 33 cents a share in the latest period.
Revenue jumped 12 percent to $1.35 billion from $1.20 billion, helped by international growth and improving results in U.S. and Mexico business. Analysts surveyed by Thomson Financial expected adjusted profit of 31 cents a share on $1.33 billion in revenue.
Western Union also raised its outlook for 2008 adjusted earnings per share to a range of $1.29 to $1.33, compared with Wall Street's average $1.28-a-share estimate.
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