Western Union has posted a net income of $166.5m for the second quarter of 2017, a decrease of 19% compared to $205.6m a year ago.
For the quarter ended 30 June 2017, the company generated revenue of $1.4bn, flat compared to the year ago period.
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Earnings per share were $0.35 as against $0.42 in the prior year period. The legal matter accrual negatively impacted EPS by $0.10, as the company accrued $49m towards a possible resolution with a state regulator.
The company’s operating margin for the current quarter stood at 15.6% as against 18.9% in the second quarter of 2016.
The company said that Consumer -to-Consumer (C2C) revenues decreased 1%, or increased 1% on a constant currency basis on transaction growth of 3%, driven by strong increases from westernunion.com.
Westernunion.com C2C revenues increased 21%, or 23% on a constant currency basis, on transaction.
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By GlobalDataWestern Union Business Solutions revenues dipped 4%, or decreased 1% on a constant currency basis. Other revenues, which primarily consist of the U.S. and Argentina bill payments businesses, increased 9% in the quarter, or 12% on a constant currency basis, the company said in its earnings statement.
Western Union president and CEO Hikmet Ersek said: “Our globally diverse business continued to deliver solid performance. Digital remained strong, with westernunion.com money transfer transactions increasing 25 percent, and our Latin America money transfer and Speedpay U.S. electronic bill payments businesses provided robust growth.
“Strategically, we remain focused on expanding our digital and payments businesses, optimizing our retail money transfer business, and driving further operational efficiencies,” Ersek added.
