western union co (WU) Key Developments
The Western Union Company Announces Executive Changes
Nov 14 13
The Western Union Company announced that Scott T. Scheirman, Executive Vice President and Chief Financial Officer, will be leaving the company on February 28, 2014. Mr. Scheirman will serve as the Chief Financial Officer through December 31, 2013, and then he will serve as a senior advisor to the company during the transition, while a search is conducted with internal and external candidates. Raj K. Agrawal, currently Executive Vice President, and President of Western Union Business Solutions, will serve as Interim Chief Financial Officer, effective January 1, 2014. Mr. Agrawal joined the company in 2006 and has served as an Executive Vice President of the company since November 2011, and President, Western Union Business Solutions since August 2011.
Western Union Offer Direct-To-Bank Service to India
Nov 14 13
The Western Union Company continues to contribute to Malaysia global financial standing through its direct-to-bank channel service to India, joining existing services to China and Indonesia. The direct-to-bank India service allows senders to send money into the bank account of their families overseas, where funds will be available after one day; a speedier option than the industry standard. Malaysia employs more than 2.6 million global workers, playing a significant role in contributing to the economies of neighbouring countries and South East Asia through remittance flows. Western Union has more than 2,300 locations across Malaysia.
The Western Union Company Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2013; Reaffirms Earnings Guidance for the Full Year 2013
Oct 29 13
The Western Union Company reported unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2013. For the quarter, the company reported total revenues of $1,408.8 million against $1,421.6 million a year ago. Operating income was $295.3 million against $365.6 million a year ago. Income before income taxes was $251.7 million against $323.8 million a year ago. Net income was $214.4 million against $269.5 million a year ago. Basic and diluted earnings per share were $0.39 against $0.45 a year ago. EBITDA was $363.9 million against $426.8 million a year ago. Capital expenditures were $59 million.
For the nine months, the company reported total revenues of $4,120.1 million against $4,240.1 million a year ago. Operating income was $869.0 million against $1,044.0 million a year ago. Income before income taxes was $734.1 million against $924.0 million a year ago. Net income was $625.0 million against $788.0 million a year ago. Basic and diluted earnings per share were $1.11 against $1.29 a year ago. Net cash provided by operating activities was $810.9 million against $859.6 million a year ago. Purchases of property and equipment were $60.7 million against $44.3 million a year ago. EBITDA was $1,066.9 million.
For the full year of 2013, the company affirms outlook provided on July 30, 2013, with EPS narrowed to the high end of the previous range, and increases to EBITDA margin and operating cash flow. GAAP operating margin expected of approximately 20%. EBITDA margin was expected approximately 25% against previous EBITDA margin was approximately 24.5%. Effective tax rate was expected approximately of 15%. GAAP EPS was expected to be in a range of $1.38 to $1.43 against the previous range was $1.33 to $1.43. Cash flow from operating activities of approximately $1 billion. The previous outlook of approximately $900 million included $100 million of anticipated final tax payments relating to the agreement announced with the U.S. Internal Revenue Service in December 2011. These payments are now expected to occur in 2014 and beyond.
Western Union Renews Contract with La Banque Postale in France
Oct 17 13
Western Union has renewed in France its long-term collaboration for money-transfer services with La Banque Postale, the banking subsidiary of La Poste group. In 17 years, this strong and unique relationship has resulted in the launch of a series of new products and services, including Western Union money transfers directly from La Banque Postale accounts online and in branches, from bank cards, to mobile accounts abroad, and a Western Union and La Banque Postale co-branded loyalty reward Gold Card, among others.
Western Union Launches My WU Prepaid Card Jointly with Lottomatica and MasterCard in Italy
Oct 16 13
The Western Union Company together with Lottomatica and MasterCard announced the launch of the My WU(R) reloadable prepaid card in Italy. The My WU prepaid card is designed to serve the more than four million registered migrant workers in Italy who need convenient access to financial services. The cards will be available at 15,000 Lottomatica Carta Lis locations throughout Italy and online. Customers also will have the option to reload their My WU prepaid cards at more than 22,000 locations and over 10,000 ATMs across Italy. The My WU card will offer customers in Italy who do not have bank accounts the ability to send money transfers, receive direct deposits from their employers, make retail purchases in shops and online outlets that accept MasterCard as well as to withdraw money from ATMs across Italy. My WU cardholders will also be able to fund Western Union Money Transfer transactions using their cards at Lottomatica locations where the service is available, while also benefiting from the advantages of Western Union's consumer loyalty program.