MoneyGram Q2 Loss Narrows

(RTTNews) - MoneyGram International Inc. (MGI) reported that its second quarter net loss narrowed to $4.6 million or $0.06 per share from $27.2 million or $0.41 per share in the prior year.

Total revenue was $279.8 million, a decline of 14% or 13% on a constant currency basis primarily driven by the impact of COVID-19 on the first part of the quarter as the company reported positive revenue growth in the month of June.

Money transfer revenue was $253.1 million, down 10% or 9% on a constant currency basis related to the impact of COVID-19 on the first part of the quarter.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.06 per share and revenues of $255.77 million for the quarter. Analysts' estimates typically exclude special items.

The company said it did not provide a specific third quarter outlook, as a result of continuing economic uncertainty created by the COVID-19 pandemic. However, if revenue trends remain in their current range, then the company would anticipate sustained Adjusted EBITDA growth in the third quarter.