Western Union Company, a money transfer segment of global payments, has reported financial results for the second quarter. The company has said that its global consolidated revenue has decreased 7% to $1.3 billion, compared to last year’s second quarter.
The Americas region reported a revenue decline of 11% compared to last year’s second quarter, while transactions decreased by 5%. The domestic money transfer business saw revenue decline 12% in the quarter on a transaction decline of 8%. GAAP and constant currency EPS of $0.31 is down 6% excluding the $23 million pre-tax restructuring expense incurred in the second quarter of 2008. It has added that EPS was impacted by $0.01 due to a $12 million reserve on the receivable from the Reserve International Liquidity Fund.
Christina Gold, president and CEO, Western Union, said, Our second quarter results were in line with expectations and we are pleased that Western Union is on track to achieve our full-year revenue and earnings targets. Global consumer-to-consumer transactions continued to grow for the period, and despite a challenging operating environment, we delivered strong margins and cash flow.”
