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    Western Union 4Q net income nearly doubles

    Associated Press – Tue, Feb 7, 2012

    ENGLEWOOD, Colo. (AP) — Money transfer company Western Union Co. said its fourth-quarter profit nearly doubled on higher sales, but the company set its 2012 earnings outlook below expectations and its shares dropped 5 percent in aftermarket trading.

    The company said late Thursday that its net income in the quarter that ended Dec. 31 was $452.3 million, or 73 cents per share, almost double the $242.6 million, or 37 cents per share, that it earned in the same period a year before.

    Revenue during the quarter was $1.43 billion, up from $1.36 billion in the prior year period.

    The company also reported adjusted net income of 40 cents per share, excluding one-time items like tax benefits, up from an adjusted 38 cents per share in the prior year period.

    Analysts expected for adjusted net income of 40 cents per share on $1.44 billion in revenue, according to FactSet.

    Western Union said its 2012 results will be hurt as it incurs costs to integrate Global Business Payments, including amortization for Western Union Business Solutions, which includes the new Travelex Global unit, of about $60 million in 2012.

    Western Union also said it expects "softness" in Europe this year as that region struggles to contain its financial crisis.

    The company said it expects to earn adjusted net income of $1.70 per share and $1.75 per share in 2012, after excluding one-time items like acquisition costs.

    That's well below analysts' expectations for adjusted net income of $1.81 per share on revenue of $5.91 billion in revenue during 2012, according to FactSet.

    For the full 2011 fiscal year, the company reported net income of $1.17 billion, or $1.84 per share, compared to $909.9 million, or $1.36 per share, the year before.

    Revenue for the year was $5.49 billion, up from $5.19 billion the year before.

    The company also reported adjusted net income, excluding one-time items like restructuring costs and tax benefits, of $1.57 per share, compared to an adjusted $1.42 the year before.

    The results were roughly in line with analyst expectations for adjusted net income of $1.56 per share on $5.5 billion in revenue, according to FactSet.

    Shares fell $1.20, or 6.1 percent, to $18.50 following the after-hours report, having ended regular trading at $19.70, up 21 cents.

     

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