GREENWOOD VILLAGE, COLO. — Western Union Co. said today that it now expects to meet the higher end of its guidance for revenue and earnings per share for 2008.
The money transfer services firm expects earnings per share of $1.18 to $1.22, including a 7 cents per share charge related to restructuring expenses, and revenue growth of 9 percent to 11 percent.
The company previously expected restructuring expenses of $69 million, or 6 cents per share. It now expects restructuring expenses of $79 million, or 7 cents per share, due to its decision to close its San Francisco facility.
Restructuring efforts this year are expected to save the company about $10 million in 2008 and about $35 million per year afterward, the company said.
Also today, the money transfer services firm said its board of directors authorized an extra $1 billion for share repurchases.
Chief Financial Officer Scott Scheirman said Western Union has repurchased about 62 million shares at an average share price of $21.48 so far for a total of about $1.3 billion. He said $1.7 billion remains for repurchases.
Shares were up $2.05, or 8.8 percent, to $25.21 in midday trading.
