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TransUnion says Hong Kong unit victim of criminal fraud, raises FY'19 guidance

TransUnion said its Hong Kong unit TransUnion Ltd. was a victim of criminal fraud in early July, which resulted in a series of unauthorized wire transfers of $17.8 million.

The company incurred $1.8 million in administrative expense investigating the incident. The incident resulted in a net after-tax loss of $16.4 million, of which $9.3 million is attributable to TransUnion.

TransUnion also raised its guidance for adjusted revenues, adjusted EBITDA and adjusted EPS for full year 2019. The company expects adjusted revenues of $2.64 billion to $2.65 billion, adjusted EBITDA of about $1.05 billion and adjusted EPS of $2.74 to $2.76. The company previously projected $2.63 billion to $2.64 billion in adjusted revenues, adjusted EBITDA of about $1.04 billion and adjusted EPS of $2.66 to $2.69.

The S&P Global Market Intelligence consensus normalized EPS estimate for the year is $2.72.

The company is also issued guidance for the fourth quarter, with adjusted revenues expected to be between $667 million and $672 million, adjusted EBITDA of $264 million to $268 million and adjusted EPS of 69 cents to 71 cents.

The S&P Global Market Intelligence consensus normalized EPS estimate for the fourth quarter is 71 cents.

TransUnion reported third-quarter net income attributable to the company of $91.7 million, or 48 cents, up from $46.3 million, or 24 cents per share, in the year-ago period. Adjusted net income also grew on a year-over-year basis to $145.7 million, or 76 cents per share, from $124.7 million, or 65 cents per share.

The S&P Global Market Intelligence consensus normalized EPS estimate for the quarter was 71 cents.