Euronet 2Q Earnings Cut In Half, Revenues See Steady Growth

Photo courtesy of Wikimedia

KANSAS CITY — Euronet Worldwide, Inc. posted net earnings of 11 cents per share in second quarter 2012, a drop of 52% from second quarter 2011 earnings of 23 cents per share.

The Leawood, Kan.-based money transfer company saw revenues increase eight percent from last year, with $302.4 million for second quarter 2012.

Euronet’s “epay” unit, which processes electronic transactions mostly for prepaid mobile service, saw a seven percent increase in revenue, but its operating income decreased 25 percent. Euronet’s “epay” business suffered earnings declines in Brazil, Australia and Spain over the second quarter, offsetting sales growth in Germany and the U.S.

The company’s electronic financial transactions division saw a 16 percent increase in revenue over second quarter of last year, posting $58.3 million for second quarter this year. Euronet’s money transfer division made $77.5 million in revenue, a six percent increase.

As of late afternoon, Euronet’s stock was trading at $17.36 per share, up 7.76 percent from Tuesday’s close.

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