Western Union Beats Forecasts in 2Q, Raises Outlook

FOXBusiness

Western Union (WU) reported on Tuesday better-than expected second-quarter results, attributed mostly to solid transaction growth in each of its regions.

The global payment services company posted a profit of $221 million, or 33 cents a share, compared with $220.2 million, or 31 cents a share, in the same quarter last year, and beating average analyst estimates of 32 cents, according to a Thomson Reuters poll.

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Revenue rose 2% from the year-earlier period to $1.27 billion, falling slightly below the Street’s view of $1.28 billion.

The company’s chief operating officer and CEO-Elect Hikmet Ersek said the second quarter results demonstrate the benefits of its “diversified geographic portfolio.”

“Although the global economy remains challenging in many parts of the world, our overall business continues to improve,” he said. “Transaction trends increased, and we delivered solid margins.”

Ersek is expected to replace current CEO Christina A. Gold who is scheduled to retire in September.

Given the positive first-half results the Colorado-based company raised its full-year guidance, now anticipating an earnings range between $1.31 and $1.36 a share.

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