Euronet Worldwide reports strong Q2 results with revenue growth and increased EPS
From GlobeNewswire: 2024-07-18 22:50:00
Euronet Worldwide, Inc. reported strong second quarter financial results for 2024, including a 5% increase in revenues to $986.2 million. The company’s adjusted EPS grew by 11% to $2.25. The EFT Processing Segment saw an 8% increase in revenues, driven by growth in travel and new market expansion. epay’s revenues decreased by 1%, but core business grew by 10%. The Money Transfer Segment reported a 7% revenue increase, primarily from cross-border transactions. Unrestricted cash and cash equivalents were $1,271.8 million as of June 30, 2024.
Euronet’s Chairman and CEO, Michael J. Brown, expressed satisfaction with the 11% growth in adjusted EPS, citing expansion into new markets and product offerings as key drivers. The company maintained confidence in achieving 10-15% EPS growth for 2024. The EFT Processing Segment saw significant transaction growth of 34% due to increased travel and market expansion. epay’s results were similar to the previous year, with revenue and adjusted EBITDA remaining flat.
The Money Transfer Segment reported a 7% revenue increase driven by growth in cross-border transactions. Direct-to-consumer digital transactions rose by 24%. Corporate and Other expenses decreased to $19.1 million, down from $20.5 million in the second quarter of 2023. Euronet repurchased one million shares for $114 million during Q2, with the potential to improve future earnings per share by 2%.
In addition to US GAAP results, Euronet presents non-GAAP financial measures like constant currency financials and adjusted operating income to give investors a more comprehensive view of performance. These measures are used for internal reporting and performance assessment. Euronet does not provide a reconciliation of forward-looking non-GAAP measures to GAAP due to the inherent forecasting difficulties. Constant currency financial measures are provided to show the impact of foreign exchange rate changes on results compared to the previous period. Adjusted operating income excludes certain items to provide a clearer view of operational performance.
Read more at GlobeNewswire:: Euronet Worldwide Reports Second Quarter 2024 Financial