Euronet reports solid Q4, FY 2012 earnings results

Feb. 13, 2013

Leawood, Kans.-based Euronet Worldwide Inc., a provider of electronic payments and ATM and POS outsourcing, reported its fourth quarter and full year 2012 financial results this week. And for the most part, the company's divisions reported substantial earnings. 

"I am pleased we delivered record annual adjusted cash earnings per share," stated Michael J. Brown, Euronet's chairman and CEO. "This earnings growth was the result of our continued focus on new products and markets together with effective execution across most of our business."

The company's EFT and money transfer segments finished the year with 55 percent and 67 percent Q4 constant currency operating income growth, respectively. And Brown said he expected that the one trouble spot — epay— to stabilize in the second quarter of this year.

Consolidated 2012 full-year results:

  • Revenues of $1.2 million, a 9 percent increase from $1.1 million (15 percent increase on a constant currency basis);
  • Operating income of $58 million, a 27 percent decrease from $79.1 million (28 percent decrease on a constant currency basis);
  • Adjusted operating income of $86.7 million, a 10 percent increase from $79 million (17 percent increase on a constant currency basis);
  • Adjusted EBITDA of $162.8 million, an 8 percent increase from $150.2 million (15 percent increase on a constant currency basis);
  • Net earnings attributable to Euronet of $20.5 million or $0.40 diluted earnings per share, a 44 percent decrease from $36.9 million or $0.71 diluted earnings per share:
  • Adjusted cash earnings per share of $1.57, a 6 percent increase from $1.48, including a one-time tax charge of three cents per share related to the repurchase of the company's convertible bonds:
  • Transactions numbering 2.3 billion, a 13 percent increase from 2.0 billion.

EFT segment full-year results

  • Revenues of $237.9 million, a 19 percent increase from $199.3 million (32 percent increase on a constant currency basis);
  • Operating income of $44.4 million, a 34 percent increase from $33.2 million (46 percent increase on a constant currency basis);
  • Transactions numbering 1.156 billion, a 23 percent increase from 943 million;
  • Operated 17,600 ATMs as of Dec. 31, 2012, a 24 percent increase from 14,224 ATMs as of Dec. 31, 2011.

Q1 2013 guidance

Euronet Worldwide expects adjusted cash earnings per share for the first quarter 2013 to be approximately 37 cents, assuming foreign currency exchange rates remain stable through the end of the quarter.

A webcast replay of the earnings call, including all business segments is online and will be available for one year.

Read more about transaction processing.

Topics: Distributors / ISO / IAD , EFT Networks , Outsourcing , Public Companies , Transaction Processing

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