Moneygram (MGI) reported earnings on Fri 2 Aug 19 (b/o)
** charts before earnings **
** charts afterearnings **
Moneygram beats by $0.05, misses on revs; cuts constant currency revenue outlook
Reports Q2 (Jun) earnings of $0.12 per share, excluding non-recurring items, $0.05 better thanthe S&P Capital IQ Consensus of $0.07; revenues fell 13.6% year/year to $323.8 mln vs the $344.28 mln S&P Capital IQ Consensus.
"Financial results in the second quarter were impacted by slower than anticipated recovery of the US-outbound market along with the continuing market challenges in the US-US business," said Alex Holmes, Chairman and CEO. "Importantly, we reported accelerated growth from our digital platforms and returned to year-over-year growth in many key corridors as we saw a sequential increase in active, returning and new customers. These trends, along with the successful execution of our cost-saving initiatives, enabled us to deliver sequential improvements to Revenue and Adjusted EBITDA."
The Company continues to anticipate a return to growth later this year, however given the revenue trends for the first half of the year, and the slower than anticipated recovery of the US market, the Company is revising its constant currency revenue outlook for the full year 2019 and now projects a decline of approximately 8% for the year (Previously saw down 2-4%). The Company is also narrowing its original range for Adjusted EBITDA and now projects a decline of approximately 12% (Previously saw down 8-12%) for the full year 2019 on a constant currency basis.