MGI records money transfer revenue growth of 5% led by 10% YoY growth while MGO cross-border transaction sees 176% YoY growth.
3 Tiny Stocks Primed to Explode The world's greatest investor — Warren Buffett — has a simple formula for making big money in the markets. He buys up valuable assets when they are very cheap. For stock market investors that means buying up cheap small cap stocks like these with huge upside potential.
We've set up an alert service to help smart investors take full advantage of the small cap stocks primed for big returns.
Click here for full details and to join for free
Shares of MoneyGram International, Inc. (MGI) broke a new 52-week high of $5.92 on Friday after shares soared up to 29.06%. The stock price spiked on strong third quarter results which the company reported on Thursday.
Even if you’re not actively in crypto, you deserve to know what’s actually going on...
Because while leading assets such as Bitcoin (BTC) and Ethereum (ETH) are climbing in value, a select group of public “crypto stocks” are surging right along with them. More importantly, these stocks are outpacing the returns these leading crypto assets aren already producing.
Click here to get the full story… along with our long list of backdoor Bitcoin strategies. It’s free. .
The third quarter net income was reported at $10.9 million, showing a return to positive net income for the Company and an increase of almost $18.6 million compared to the prior year period which reported loss.
The Dallas-based company beat Wall Street estimates for the third quarter. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of $0.5 per share, which MoneyGram surpassed with adjusted earnings of $0.16 per share. While the net income per share was $0.12.
The digital business had a massive impact on driving MoneyGram’s performance for the quarter. The company is recovering from the pandemic and continues to build upon its financial growth trajectory.
The total digital transaction growth of the company was 106% year-over-year including MGO. The digital transactions accounted for 27% of all money transfer transactions in Q3.
The Chairman and CEO of MoneyGram, Alex Holmes said:
“Our customer-centric strategy and growing active customer base helped deliver year-over-year money transfer revenue growth for the quarter, while the strength of our Adjusted EBITDA and cash flow demonstrates how our investments to build a scalable infrastructure are paying off. It’s exciting to see the successful execution of our digital transformation be a catalyst for sustainable and profitable growth.”
The total revenue was around $323.2 million, a slight increase on a reported basis crossing Street forecasts of $308.4 million. The operating income was recorded at $36.6 million, reflecting a 123% increase year-over-year.
The adjusted free cash flow increased 173% to $25.4 million and the adjusted EBITDA increased 33% to $68.8 million.
Overall, the company made a strong recovery in the third quarter after the economic activities have once again started to move along which were badly impacted by the pandemic restrictions.
Following the upward financial progress, the company has provided the outlook for the fourth quarter.
MoneyGram International, Inc. (MGI) has forecasted the total revenue growth of almost 1% on the continued strength of the money transfer business, offset by lower investment income. The company expects the Adjusted EBITDA growth of 10% based on the doubling of revenue trends with the continued expense benefit from its Digital Transformation.
As we write this at 12:19 A.M EDT, MoneyGram International, Inc. (MGI) was trading at $5.26 soaring by 17%. While the trading volume was also heavy at almost 35 million.