Euronet Worldwide Reports Second Quarter 2017 Financial Results
LEAWOOD, Kan., July 25, 2017 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. ("Euronet" or the "Company") (NASDAQ:EEFT), a leading electronic payments provider, reports second quarter 2017 financial results.
Euronet reports the following consolidated results for the second quarter 2017 compared with the same period of 2016:
- Revenues of $536.6 million, a 13% increase from $476.9 million (15% increase on a constant currency(1) basis).
- Operating income of $66.7 million, a 12% increase from $59.3 million (15% increase on a constant currency basis).
- Adjusted operating income(2) of $71.5 million, a 21% increase from $59.3 million (23% increase on a constant currency basis).
- Adjusted EBITDA(3) of $99.1 million, a 20% increase from $82.9 million (22% increase on a constant currency basis).
- Net income attributable to Euronet of $51.4 million or $0.93 diluted earnings per share, compared with net income of $55.7 million or $1.04 diluted earnings per share.
- Adjusted earnings per share(4) of $1.09, a 12% increase from $0.97.
- Transactions of 898 million, a 13% increase from 793 million.
"We had another strong quarter, delivering 23% constant currency adjusted operating income growth," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "The EFT Segment delivered exceptional results from the strong ATM deployments over the last several quarters. Money Transfer delivered double-digit revenue growth despite last year's strong results which benefited from higher trading volume in the HiFX business as Brexit unfolded. And, epay produced solid revenue growth through the addition of more non-mobile content."
In the second quarter 2017, the Company decided to close its Pure Commerce office in South Korea which resulted in a non-cash intangible asset impairment charge of $2.3 million against operating income. Additionally, costs related to the proposed MoneyGram transaction are included in Corporate expense. In order to provide a more comparable analysis of operating results, these items have been excluded from adjusted operating income, adjusted EBITDA and adjusted earnings per share.
Second quarter 2016 net income included a $19.4 million non-operating gain from the sale of Euronet's shares of Visa Europe to Visa, Inc. The gain was included in other income and represented $0.29 per share of the $1.04 diluted earnings per share. The per share effect of this gain was excluded from adjusted earnings per share.
See the reconciliation of non-GAAP items in the attached financial schedules.
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