Business
Intermex Reports Second Quarter Results
Company continues to generate strong earnings and margins, continued execution of omnichannel strategy Company to Host Conference Call Today at 9 a.m. ET
About this update from International Money Express, Inc.
[{"type":"text","content":"Company continues to generate strong earnings and margins, continued execution of omnichannel strategy\nCompany to Host Conference Call Today at 9 a.m. ET MIAMI, Aug. 07, 2024 (GLOBE NEWSWIRE) -- International Money Express, Inc. (NASDAQ: IMXI) (“Intermex” or the “Company”), one of the nation’s leading omnichannel money transfer services to Latin America and the Caribbean, today reported strong operating results for the second quarter of 2024. Financial performance highlights for the second quarter of 2024 compared with the same period last year are: Revenues of $171.5 million, an increase of 1.4%.Net income of $14.0 million, a decrease of 9.1%.Diluted EPS of $0.42 per share, same as the prior period.Adjusted Diluted EPS of $0.55 per share, an increase of 10.0%.Adjusted EBITDA of $31.1 million, an increase of 0.6%. Bob Lisy, Chairman, President, and CEO of Intermex, stated “We are proud to deliver another strong quarter of operating results. We successfully navigated a challenging market environment to deliver record Q2 revenues for the Company and double-digit Adjusted EPS growth. We continue to execute on our differentiated, omnichannel strategy, and deliver on that strategy with our focus on efficiency, which we believe is unmatched in the industry. Our expansive and highly profitable retail footprint provides the perfect pairing for a digital offering among the very best-in-class… an offering that we believe is outpacing the market in both growth and profitability.\" Second Quarter 2024 Financial Results (all comparisons are to the Second Quarter 2023)Total revenues for the Company were $171.5 million, up 1.4%. Contributing to the revenue growth was a 3.9% increase in unique, active customers to 4.2 million, who generated 15.3 million money transfer transactions, an increase of 1.3%. Transaction growth resulted in a total of $6.4 billion in principal amount transferred. Net income was $14.0 million, a decrease of 9.1%. Diluted earnings per share were $0.42, remaining flat from the prior year. The net income decrease was primarily impacted by $2.7 million in restructuring charges for the quarter. The decrease was partially offset by higher revenues and lower general and administrative expenses, as well as lower pretax income driven by the restructuring charges discussed below. Diluted earnings per share reflects the reduction...