MoneyGram posts $12.6 million 1Q loss on charges
DALLAS (AP) — MoneyGram International Inc. said Thursday it posted a $12.6 million first-quarter loss, hurt by hefty debt refinancing charges.
The Dallas-based money transfer company's loss amounted to 18 cents per share and compared with a profit of $10.3 million, or 14 cents per share, in the same quarter of 2012.
The recent quarter's results included 45 cents per share in charges in debt refinancing, restructuring costs and stock-option costs. Excluding those items, the company posted an adjusted profit of 27 cents per share.
Total revenue increased 7 percent to $340.5 million from $318.1 million.
The adjusted profit beat Wall Street predictions, while the revenue fell short. Analysts, on average, expected a profit of 24 cents per share on $342.6 million in revenue, according to FactSet.
Revenue at the company's global funds transfer business increased 8 percent to $320.4 million, as money transfer revenue rose 10 percent to $294.4 million, helped by an 11 percent increase in transaction volumes.
For the full year, the company said it still expects revenue growth of between 6 percent and 9 percent on a constant-currency basis.
Analysts expect revenue of $1.44 billion, an increase of 7.5 percent from last year's $1.34 billion.