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UPDATE 1-Western Union profit falls 47 pct, forecasts lower 2013 earnings
February 12, 2013 / 10:01 PM / in 5 years

UPDATE 1-Western Union profit falls 47 pct, forecasts lower 2013 earnings

Feb 12 (Reuters) - Western Union Co, the world’s largest money transfer company, forecast lower earnings for 2013 and reported a 47 percent decrease in fourth-quarter earnings, hurt by lower transaction fees in its consumer-to-consumer business.

The company expects to earn between $1.33 and $1.43 per share in 2013. It reported earnings of $1.69 per share in 2012.

Net income fell to $237.9 million, or 40 cents per share, in the fourth quarter ended Dec. 31, from $452.3 million, or 73 cents per share, a year earlier. Excluding items the company earned 42 cents per share.

Revenue fell less than 1 percent to $1.42 billion.

Consumer-to-consumer revenue, which accounts for more than 81 percent of the company’s total revenue, fell more than 2 percent.

Analysts on average had expected earnings of 35 cents per share on revenue of $1.4 billion.

The Englewood, Colorado-based company’s shares were down 2 percent after the bell. They closed at $14.34 on the New York Stock Exchange on Tuesday.

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