Western Union falls as weak retail business drives forecast cut
WU•Western Union cuts outlook after weak retail business weighs on results
** Money transfer services provider Western Union's shares WU.N fell 7% to $7.15 premarket
** The company cut its full-year adjusted EPS forecast to $1.25 - $1.35, lower than prior expectations of $1.75 - $1.85.
** It also expects FY adjusted revenue growth in the range of 4% - 6%, below its prior outlook of 6% - 9%.
** Weakness in Western Union's Americas retail remittance business and a delay in the Intermax acquisition weighed on margins and Q2 earnings, CEO Devin McGranahan said.
** The company posted Q2 adjusted EPS of 31 cents and revenue of $1 bln, both below analysts' estimates of 42 cents and $1.03 bln, according to data compiled by LSEG.
** As of the last close, the stock was down 17.5% year to date.
