Western Union 1Q profit rises 7 percent on international

ENGLEWOOD — The Western Union Co. on Tuesday reported a 7 percent increase in first-quarter net income as favorable exchange rates boosted international business, particularly in India and China.

The global money transfer company based in this Denver suburb also reported a slight uptick in transactions in Mexico where business has slowed because of an immigration reform debate in the United States.

For the quarter that ended March 31, Western Union reported net income of $207.1 million, or 27 cents per share, up from $193.2 million or 25 cents per share in the same quarter of 2007.

The results included $24 million in restructuring expenses related to a decision to close plants in Missouri and Texas and the elimination or relocation of other jobs.

Excluding the restructuring charges, the per share figure rose to 29 cents, up one cent from an average estimate by analysts who were surveyed by Thomson Financial.

Revenue rose 12 percent to $1.3 billion which beat the analyst estimate of $1.24 billion.

The company says it is confident it will meet its 2008 financial forecast, but has lowered its net profit target to account for restructuring charges. For the full year, Western Union forecast revenue growth of 9 percent to 11 percent and cash flow from operations of $1.2 billion.

Shares rose 50 cents to $21.66 at the open of trade Tuesday.

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On the Net: http://www.westernunion.com

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