MoneyGram Q2 Profit Tops View, But Revenues Miss

(RTTNews) - MoneyGram International Inc. (MGI) reported that its net loss for its second quarter ended June 30, 2019 was $27.2 million or $0.41 per share compared to net income of $2.3 million or $0.03 per share for the second quarter of 2018. The latest-period result included a $31.3 million non-cash pension settlement charge related to the sale of $74.3 million of pension liabilities.

"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.

Adjusted income per share was $0.12 compared to $0.21 last year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.06 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter declined to $323.8 million from $374.6 million in the prior year. Analysts expected revenue of $344.29 million for the quarter.

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.