Ria Money Transfer parent company Q3 revenue jumped by 23%
Euronet Worldwide, the parent company of Ria Money Transfer, Xe, and ePay, announced strong quarterly results on Thursday.
Ria Money Transfer parent results
Euronet Worldwide had a strong third quarter as demand for money transfer services rose. The company’s revenue rose by 23% year on year to $816 million. The company had made about $664 million in the previous quarter.
As a result, its operating income rose by 73% to $114.5 million while its adjusted earnings before interest, tax, depreciation and amortization increased by 48% to $155 million.
The strong performance was driven by the EFT business whose revenue rose by 58% to $144 million. Its operating income was about $62.3 million. It was then followed by the epay business whose revenue increased by 20% to $238 million.
The money transfer business, which includes Xe and Ria Money Transfer, had revenue growth of 8%. Its total revenue was more than $323 million while its income was $37.6 million. In a statement, the company’s CEO said:
“And, money transfer continued to deliver strong growth rates in U.S. and Europe outbound and direct-to-consumer digital transactions. Moreover, we continued to make significant advances in digital product and distributions powered by our cutting-edge REN technology platform.”
More earnings scheduled
Euronet Worldwide earnings came at a time when more companies are publishing their quarterly results. Last week, big banks like Goldman Sachs, Bank of America, and Morgan Stanley published their results. This week, firms that have published include Netflix, Verizon, and Philip Morris.
In Europe, Wise reported relatively strong results and lowered its forward guidance. Other money transfer companies scheduled to publish their results soon are Western Union and MoneyGram.