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ENGLEWOOD, Colo.—Western Union says first-quarter earnings rose 7 percent as favorable exchange rates boosted its international business.
The Englewood, Colo., money transfer company says net income rose to $207.1 million, or 27 cents per share, up from $193.2 million or 25 cents per share a year earlier. Profit hit 29 cents per share when restructuring charges are excluded. That result is a penny ahead of estimates from analysts in a Thomson Financial poll.
Revenue was 12 percent higher at $1.3 billion and more than the $1.24 billion expected by Wall Street.
The company says it has “confidence” it will meet its 2008 financial forecast, but has lowered its net profit target to account for restructuring charges.
