MoneyGram Q4 Earnings Rise; CFO Alexander Holmes Given Additional Role Of COO

(RTTNews) - MoneyGram International (MGI), a global money transfer and payment services company, Tuesday reported a rise in earnings for the fourth quarter, supported by revenue growth. Separately, the company said it has given additional responsibility to its Chief Financial Officer Alexander Holmes to act as chief operating officer

Holmes will be maintaining his current titles and responsibilities as CFO and executive vice president. In addition, he will be responsible for oversight of all finance, technology and operational functions.

Earnings were $23.4 million, or $0.33 per share, compared with $20.2 million, or $0.28 per share, a year earlier.

For the three months to December, adjusted EBITDA was $76.4 million compared with $71.7 million last year.

Revenue for the 3-month period rose to $385.8 million from $354.4 million a year earlier.

Looking ahead, the company expects 2014 revenue and adjusted EBITDA at constant currency to grow by 8-10 percent and 7-9 percent, respectively.

The company has also commenced a reorganization and restructuring initiative to better support its objectives, which include reaching $2 billion in annual revenue in 2017. MoneyGram expects the initiative to generate annual pre-tax savings of about $15 million to $20 million on a 'run-rate' basis exiting 2015.