MoneyGram Posts Adj. Profit In Q1

(RTTNews) - MoneyGram International, Inc. (MGI) reported first quarter adjusted earnings per common share of $0.09 compared to a loss of $0.06, prior year. On average, four analysts polled by Thomson Reuters expected the company to report profit per share of $0.10, for the quarter. Analysts' estimates typically exclude special items. Adjusted net income was $8.9 million compared to a loss of $4.5 million.

Net income was $5.1 million or $0.05 per share compared to a loss of $15.4 million or $0.19 per share, prior year.

Total revenue was $307.6 million, a slight decrease on a reported basis or an increase of 2% on a constant currency basis. Money transfer revenue was $284.3 million, a slight decrease, or a 2% increase on a constant currency basis, driven by 4% transaction growth. Analysts on average had estimated $317.68 million in revenue.

"Record high digital revenue, strong customer retention rates and overall international growth drove strong first quarter results. We're excited to report that digital transactions now account for over 40% of our money transfer business," said Alex Holmes MoneyGram CEO.