MoneyGram narrows loss in 2Q; misses Street view

MINNEAPOLIS

Money transfer company MoneyGram International Inc. said Friday that it narrowed its second-quarter loss, but the deficit was still greater than expected and its shares slipped.

The company said it lost $25.8 million, or 31 cents per share, during the three-month period that ended on June 30. That compares to last year's loss of $33 million, or 40 cents per share.

Net revenue slipped 3 percent to $283.6 million, down from $291.2 million last year.

Analysts surveyed by Thomson Reuters expected the company to lose 28 cents per share with revenue of $299.2 million.

MoneyGram said transfer volume rose 7 percent while the number of global agent locations climbed 13 percent from last year.

The company, which is in the midst of a reorganization that's expected to be complete in 2012, spent $1.9 million during the second quarter on the first stage of its restructuring effort. It expects to spend $45 million to $50 million in cash for the remainder of the effort, which should generate annual savings of between $25 million and $30 million.

Its shares fell 6 cents, or 2.3 percent, to $2.60 in midday trading Friday.