MoneyGram Turns To Profit In Q3

(RTTNews) - MoneyGram International Inc. (MGI) reported third-quarter net income of $10.9 million or $0.12 per share, compared to a loss of $7.7 million or $0.10 per share in the prior year.

Adjusted earnings per share was $0.16, compared to a loss of $0.03 in the previous year. Analysts polled by Thomson Reuters expected the company to report earnings of $0.07 per share. Analysts' estimates typically exclude special items.

Total revenue was $323.2 million, represents a slight increase from $322.2 million last year on a reported basis or down 1% on a constant currency basis. Analysts expected revenue of $307.74 million for the quarter.

Money transfer revenue was $297.6 million, up 5%, or 4% on a constant currency basis, driven by the strength of digital business.

For the fourth quarter, the company anticipates reporting total revenue growth of approximately one percent on the continued strength of the money transfer business, offset by lower investment income. It expects reporting Adjusted EBITDA growth of approximately 10 percent.