Western Union (NYSE: WU) reported Q2 EPS of $0.39, $0.04 better than the analyst estimate of $0.35. Revenue for the quarter came in at $1.11 billion versus the consensus estimate of $1.08 billion.

President and CEO Hikmet Ersek said, “I’m pleased to say that during this period of profound disruption and unease, the Western Union team continued to consistently deliver essential services to customers that help support families and communities around the world. In addition, despite the challenging global environment, we continued to execute on our strategic objectives that position the company for future growth and prudently managed our business to deliver solid profit performance for the second quarter.”

Ersek added, “Importantly, the significant investments we have made over the past decade to build market leading cross-border, cross-currency platform capabilities have positioned us as a premier choice for the rapidly growing number of consumers and businesses seeking cross-border digital services today. With over $600 million of consumer digital revenues in 2019 we were already one of the largest players in the market, and still our digital revenues grew nearly 50% in the second quarter with strong profitability. With scale, unique omni-channel payout capabilities, and continued investments in customer acquisition, we believe we are equipped to continue winning also in digital money transfers and payments.”

CFO Raj Agrawal stated, “Second quarter results highlight the favorable financial characteristics of Western Union’s business. Our variable cost structure, planned productivity savings, and operational flexibility allowed us to withstand revenue declines stemming from the COVID-19 pandemic and still maintain solid margins, cash flow generation, and cash dividend payments to shareholders. We are pleased to see the strong improvement in Consumer-to-Consumer transactions in June and July and hopeful it is indicative of a sustainable recovery.”

For earnings history and earnings-related data on Western Union (WU) click here.