Western Union Q2 2024 Earnings Report
Key Takeaways
Western Union reported a 9% decrease in GAAP revenue, totaling $1.07 billion for Q2 2024. Excluding Iraq, the company achieved positive adjusted revenue growth for the first time since 2021. Consumer Money Transfer transactions increased by 4%, driven by 13% growth in Branded Digital transactions. GAAP EPS was $0.41, while adjusted EPS reached $0.44.
Consumer Money Transfer transactions grew 4% driven by 13% growth in Branded Digital transactions.
GAAP revenue was $1.07 billion, a 9% decrease on a reported basis, or 7% on an adjusted basis, including a 7% headwind from Iraq.
Consumer Services revenue increased 21% on a reported basis and 14% on an adjusted basis.
GAAP EPS was $0.41, and adjusted EPS was $0.44.
Western Union
Western Union
Western Union Revenue by Segment
Forward Guidance
The Company reiterated its full year 2024 outlook, assuming no material changes in macroeconomic conditions.
Positive Outlook
- Revenue (GAAP): $4,125 to $4,200 million
- Revenue, adjusted (non-GAAP): $4,150 to $4,225 million
- Operating margin (GAAP): 18% to 20%
- Operating margin, adjusted (non-GAAP): 19% to 21%
- Earnings per share (GAAP): $1.62 to $1.72
Challenges Ahead
- Assumes $10 to $30 million of revenue from Iraq per quarter for the remainder of the year
- Foreign currency translation and Argentina inflation impact: $25 million
- Redeployment program costs: 1%
- Impact from acquisition, separation, and integration costs: 0%
- Amortization and impairment of acquisition-related intangible assets: 0%