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The Western Union Company (NYSE: WU) is a global leader in cross-border, cross-currency money movement, offering innovative financial services that empower individuals and businesses worldwide. With over 160 years of history, Western Union has firmly established itself as the largest money transfer company globally, handling over 270 million transactions in 2023 alone.
The company’s core business revolves around providing domestic and international money transfers through an extensive network of approximately 600,000 agents located across more than 200 countries and territories. This network ensures that families, friends, and businesses can easily send money and stay connected almost anywhere in the world. Western Union’s agents and employees are considered ambassadors of trust, responsibility, and hope, reflecting the company’s core values and dedication to its consumers.
Recent achievements include the expansion of Western Union’s network of concept stores and company-owned hubs in Europe. As of December 2023, the company has inaugurated 100 locations across 13 European markets, including Spain, Italy, France, Germany, and the United Kingdom. These concept stores not only facilitate international money transfers but also provide a premium brand experience and enhanced service levels. This initiative is part of Western Union's broader retail strategy, aiming to offer an omni-channel experience to customers, support local micro-entrepreneurs, and promote financial inclusion within migrant communities.
Western Union continues to innovate with new ventures, such as the launch of WU Digital in San Francisco, CA. This technology-driven platform enhances the company's digital capabilities, providing faster, easier, and more convenient access to its services. The company’s commitment to financial inclusion is evident through its investments in micro-entrepreneurship, allowing retail partners to open exclusive Western Union locations and play a vital role in their communities.
Financially, Western Union is robust, with a strong presence in both the digital and physical realms, offering services across nearly 130 currencies. The company’s mission is to help people and communities prosper by providing accessible financial services, thereby enabling consumers, businesses, financial institutions, and governments to connect with billions of bank accounts, millions of digital wallets and cards, and a global network of retail locations.
For more information, visit www.westernunion.com.
Western Union (NYSE: WU) and Regions Bank (NYSE: RF) have extended their partnership for five more years, enabling consumers to send and receive money at over 1,250 U.S. Regions Bank locations. This renewal allows both Regions' customers and non-customers to access global money transfer and expedited bill payment services. Since 2011, over $1 billion has been transferred via this collaboration. The companies emphasize their commitment to financial inclusion and accessibility to banking services, enhancing convenience for consumers across their networks.
The Western Union Company reported Q4 2022 revenue of $1.1 billion, down 15% year-over-year. GAAP EPS increased to $0.65, a 55% rise, while adjusted EPS dropped 50% to $0.32. The decline in revenue was impacted by a 3% reduction due to operations suspension in Russia and Belarus. The company returned over $700 million to shareholders in 2022 and announced a quarterly dividend of $0.235. Notably, there was a 30% growth in U.S. outbound branded digital customers. For the full year, revenue was $4.5 billion, reflecting a 12% decrease. The outlook for 2023 indicates potential revenue declines of 9% to 7%.
Western Union (NYSE: WU) has appointed Matthew Cagwin as Chief Financial Officer, effective January 20, 2023. Cagwin previously served as the interim CFO since September 2022. With extensive experience in finance and a background in payments, he joined Western Union in July 2022 as Head of Financial Planning and Analysis. Cagwin has held senior roles at Fiserv and Coca-Cola Enterprises. His leadership comes at a critical time as the company aims to execute its ‘Evolve 2025’ strategy and drive sustainable value creation.
The Western Union Company (NYSE: WU) will host a webcast and conference call on February 7, 2023, at 4:30 p.m. ET, to discuss its fourth quarter and full year 2022 results. The company's press release detailing the financial results will be issued at approximately 4:05 p.m. ET on the same day. Interested parties can access the webcast and register prior to the event. The company is a leader in cross-border, cross-currency money movement and payments, connecting consumers, businesses, and governments across more than 200 countries and territories through a vast financial network.
The Western Union Company (NYSE: WU) has declared a quarterly cash dividend of $0.235 per common share, scheduled for payment on December 30, 2022. Stockholders must be on record by the close of business on December 19, 2022. Western Union is renowned for its leadership in cross-border and cross-currency money transfers, linking over 200 countries. This dividend announcement signifies the company's commitment to returning value to shareholders during its operations in the global financial network.
The Western Union Company (NYSE: WU) announced that Devin McGranahan, CEO, and Matt Cagwin, Interim CFO, will present at the Credit Suisse Technology Conference on November 30, 2022, starting at 1:40 p.m. MST. The presentation is expected to last about 30 minutes. Investors can access the live webcast through the investor relations section of Western Union's website, with an archived version available post-presentation.
Western Union is a leader in cross-border money transfers, connecting consumers and businesses in over 200 countries with a vast financial network.
Western Union (NYSE: WU) and Walgreens (NASDAQ: WBA) announced a renewed five-year agreement, allowing customers to access Western Union's Money Transfer and bill payment services at approximately 9,000 Walgreens locations across the U.S. This partnership reflects both companies' commitment to delivering convenient financial services. Western Union's global network enables fast money transfers, enhancing customer engagement. The collaboration highlights Western Union's ongoing investment in expanding its omni-channel product offerings to meet diverse consumer financial needs.
The Western Union Company (NYSE: WU) reported a Q3 2022 GAAP earnings per share (EPS) of $0.45, down from $0.57 year-over-year. Revenue decreased 15% to $1.1 billion, influenced by operations suspension in Russia and Belarus, and inflation in Argentina. The company's operating margin fell, with GAAP at 21.3% and adjusted at 20.6%. Despite lower results, the company affirmed its 2022 financial outlook, anticipating a mid-single digit decline in adjusted revenue. Notably, U.S. outbound digital customer growth accelerated by 26% in September.
The Western Union Company (NYSE: WU) has introduced its Evolve 2025 strategy aimed at enhancing financial services for aspiring populations globally. The strategy is expected to lead to improved revenue trends from 2023 through 2025, with projected annual growth.
In 2023, revenue is anticipated to decline by 10% to 8% due to various factors, including the sale of Business Solutions and foreign exchange fluctuations. However, operating margins are projected between 19% to 21%, with mid-single digit EPS growth expected in 2024 and 2025.
The Western Union Company (NYSE: WU) anticipates third quarter 2022 GAAP earnings per share (EPS) of $0.45 and adjusted EPS of $0.42. Preliminary revenue is expected at $1.1 billion, marking a 15% decline year-over-year. The company reaffirmed its financial outlook for 2022, projecting GAAP EPS between $2.18 - $2.28. An Investor Day is scheduled for October 20, 2022, to discuss long-term strategies. Final third quarter results will be released on November 1, 2022, with a webcast call at 4:30 PM ET. The impact of geopolitical events and inflation in Argentina affected the results significantly.
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