Western Union, the Denver-based money-transfer company, reported a decline in profit for the fourth quarter as its revenue dropped. In comparison to the previous year, the company's profit stood at $127 million, or 35 cents per share, down from $249.4 million, or 65 cents per share. Analysts surveyed by FactSet had predicted earnings per share of 37 cents.
After excluding certain one-time items, adjusted earnings per share were consistent with analysts' estimates at 37 cents. Although transactions increased by 5% compared to the previous year, the consumer segment experienced a 1% decline in revenue.
Despite the decline in revenue, Western Union exceeded analysts' expectations with $1.05 billion in revenue, a 4% decrease from a year ago but surpassing the projected $1.02 billion.
Looking ahead to 2024, Western Union anticipates revenue to range between $4.075 billion and $4.175 billion, slightly lower than analysts' forecasts of $4.16 billion as determined by FactSet. Additionally, the company expects a per-share profit of $1.57 to $1.67, falling short of the anticipated $1.69 per share according to analysts surveyed by FactSet.
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