Euronet Worldwide Reports First Quarter 2017 Financial Results
LEAWOOD, Kan., April 25, 2017 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (NASDAQ:EEFT), a leading electronic payments provider, reports first quarter 2017 financial results.
Euronet reports the following consolidated results for the first quarter 2017 compared with the same period of 2016:
- Revenues of $473.4 million, an 8% increase from $437.9 million (10% increase on a constant currency(1) basis).
- Operating income of $41.3 million, a 1% decrease from $41.9 million (essentially flat on a constant currency basis).
- Adjusted operating income(2) of $42.5 million, a 1% increase from $41.9 million (3% increase on a constant currency basis).
- Adjusted EBITDA(3) of $67.8 million, a 4% increase from $64.9 million (7% increase on a constant currency basis).
- Net income attributable to Euronet of $28.1 million or $0.51 diluted earnings per share, compared with net income of $29.1 million or $0.53 diluted earnings per share.
- Adjusted earnings per share(4) of $0.73, a 6% increase from $0.69.
- Transactions of 865 million, a 13% increase from 765 million.
Note: Costs related to the proposed MoneyGram transaction are included in Corporate expense and are excluded from adjusted operating income, adjusted EBITDA and adjusted EPS. See the reconciliation of non-GAAP items in the attached financial schedules.
"I am pleased that we continued to deliver double-digit consolidated constant currency revenue growth in the first quarter," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "Due to the seasonal nature of our business, the first quarter is our lowest quarter because we continue to deploy assets that will produce seasonally stronger results in the second and third quarters. The EFT and Money Transfer segment's businesses started the year with strong revenue growth despite the first quarter being our seasonally lowest quarter and we expect improvements from epay as we move through the year. ATM deployments continued at a nice pace, money transfers remain strong at double-digit growth rates and we continue to add more non-mobile content in epay. All-in-all, we're off to a great start for 2017 and well positioned to deliver another year of double-digit consolidated growth."
