LEAWOOD, Kan., April 29, 2019 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (“Euronet” or the “Company”) (NASDAQ: EEFT), a leading electronic payments provider, reports first quarter 2019 financial results.
Euronet reports the following consolidated results for the first quarter 2019 compared with the same period of 2018:
- Revenues of $577.5 million, a 5% increase from $550.5 million (11% increase on a constant currency(1) basis).
- Operating income of $56.1 million, a 23% increase from $45.5 million (31% increase on a constant currency basis).
- Adjusted EBITDA(2) of $87.2 million, a 15% increase from $75.5 million (23% increase on a constant currency basis).
- Net income attributable to Euronet of $34.5 million or $0.62 diluted earnings per share, compared with net income of $26.4 million or $0.49 diluted earnings per share.
- Adjusted earnings per share(3) of $0.85, a 16% increase from $0.73.
- Transactions of 1.06 billion, a 17% increase from 904 million.
"I am pleased we were able to deliver Adjusted Earnings per Share of $0.85, a 16% year-over-year increase," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "This strong growth includes double-digit constant currency earnings contributions from all three segments, while continuing to invest in network expansion across all three segments. EFT growth was the result of continued ATM and product deployments. Money Transfer delivered a strong quarter with continued success in both physical and digital channels. And, epay continued to benefit from digital media growth, formerly referred to as non-mobile content."
See the reconciliation of non-GAAP items in the attached financial schedules.
Segment and Other Results
The EFT Processing Segment reports the following results for the first quarter 2019 compared with the same period or date in 2018:
- Revenues of $145.7 million, a 7% increase from $135.7 million (16% increase on a constant currency basis).
- Operating income of $16.8 million, a 46% increase from $11.5 million (54% increase on a constant currency basis).
- Adjusted EBITDA of $33.4 million, a 21% increase from $27.7 million (29% increase on a constant currency basis).
- Transactions of 692 million, an 11% increase from 622 million.
- Operated 42,034 ATMs as of March 31, 2019, a 10% increase from 38,358.
Double-digit constant currency revenue, operating income and adjusted EBITDA growth was largely the result of a 10% year-over-year increase in active ATMs and an 11% increase in transactions. The increase in transactions was primarily from growth in Europe and India - including an increase in traditional cash withdrawals as well as the number of value-added transactions, such as dynamic currency conversion, domestic and international surcharge, and foreign currency dispensing transactions - on both ATMs and point-of-sale terminals.
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