MoneyGram (MGI) Misses Q1 EPS by 13c, Revenues Miss
MoneyGram (NASDAQ: MGI) reported Q1 EPS of ($0.06), $0.13 worse than the analyst estimate of $0.07. Revenue for the quarter came in at $315.4 million versus the consensus estimate of $333.13 million.
First Quarter 2019 Financial Results
- Total revenue was $315.4 million and $380.0 million for the three months ended March 31, 2019 and 2018, respectively.
- Money transfer revenue was $273.3 million for the quarter compared to $336.6 million for the three months ended March 31, 2018.
- Total digital revenue represented 16% of money transfer revenue.
- Investment revenue was $14.4 million.
- Net loss was $13.5 million compared to net income of $7.1 million for the first quarter of 2018. EBITDA was $37.7 million, a decrease of $28.6 million as compared to the year-ago period. The prior-year period included $30.0 million of income related to the terminated merger with Ant Financial.
- Adjusted EBITDA was $50.1 million for the three months ended March 31, 2019. Adjusted EBITDA was $66.6 million for the three months ended March 31, 2018.
- Adjusted EBITDA margin was 15.9%.
- Diluted loss per share was $0.21. Adjusted diluted loss per share was $0.06.
- Adjusted Free Cash Flow was $13.3 million for the quarter.
"The financial results for the first quarter are in line with the Company's expectations and include the impact of seasonality as the first quarter of the year generally represents a seasonal low point for revenue. The comparisons to last year's first quarter results were further compounded by the de-risking initiatives that began in 2018," said Alex Holmes, Chairman and CEO.
Holmes added: "Importantly, first quarter results include the continued success of the Company's cost reduction and efficiency efforts, which exceeded expectations, along with the commencement of growth trends in several of our major corridors on a year-over-year basis. As we continue our journey of transformation, we remain focused on executing our corporate strategy to return to growth in the second half of this year."
For earnings history and earnings-related data on MoneyGram (MGI) click here.