MoneyGram International Inc. continues to anticipate a return to growth later this year but revised its constant currency revenue outlook for full year 2019.
The company now projects a decline of approximately 8% for the year, given the revenue trends for the first half of 2019 and the slower-than-anticipated recovery of the U.S. market, according to its second-quarter earnings release.
Additionally, MoneyGram International narrowed its original range for adjusted EBITDA and now expects a reduction of approximately 12% for the full year on a constant currency basis.
In its first-quarter earnings release, the company projected that on a constant currency basis, full-year revenue would decline approximately 2% to 4% and adjusted EBITDA would decline about 8% to 12%.
MoneyGram International reported net loss of $27.2 million, or 41 cents per common share, for the second quarter, compared to net income of $2.3 million, or 3 cents per common share, for the same period in 2018. Its second-quarter adjusted net income was $7.7 million, or 12 cents per common share, compared to $14.2 million, or 21 cents per common share, for the prior-year period.
MoneyGram International's total revenue for the second quarter was $323.8 million, while adjusted EBITDA was $54.3 million.