Western Union Q1 2023 Earnings Report
Key Takeaways
Western Union reported a 10% decrease in GAAP revenue to $1.04 billion and a 46% decrease in GAAP EPS to $0.40 for Q1 2023. However, the company exceeded expectations due to momentum from its 'Evolve 2025' strategic initiatives and strength in its Middle East business.
Q1 GAAP revenue was $1.04 billion, down 10% on a reported basis, or 1% on an adjusted basis.
GAAP EPS was $0.40, a decrease of 46% year-over-year; Adjusted EPS was $0.43, a decrease of 16% year-over-year.
GAAP operating margin was 19.7%, a decrease of 80 bps year-over-year; Adjusted operating margin was 20.5%, a decrease of 130 bps year-over-year.
New branded digital go-to-market strategy continued momentum in Q1 with new customers up 14% and transactions up 7% globally.
Western Union
Western Union
Western Union Revenue by Segment
Forward Guidance
The Company reaffirmed its 2023 adjusted full year financial outlook provided on February 7, 2023. The outlook assumes no material changes in macroeconomic conditions, including changes in foreign currencies or Argentina inflation.
Revenue & Expenses
Visualization of income flow from segment revenue to net income