Why Western Union Stock Wilted Today
A fresh quarterly earnings report was the news that affected Western Union's (NYSE: WU) share price on Thursday. Unfortunately, that effect was negative, as investors traded out of the stock to leave it with a more than 3% loss in price. This was on a day when the bellwether S&P 500 index grew, albeit marginally, at a 0.2% pace.
Western Union's third quarter results actually crossed the wires after market hours Wednesday, and showed that the company's generally accepted accounting principles (GAAP) revenue was $1.04 billion for the period. This was down by 6% on a year-over-year basis. Under the same standard, net income flew 55% higher to just under $265 million. However, on a per-share, non-GAAP (adjusted) basis the rise was more modest, at 7% to $0.46 per share.
According to pundit estimates compiled by Zack's, Western Union's revenue notched a slight beat on the consensus, while adjusted net income exceeded the average projection by nearly 5%.
Source Fool.com
