Western Union reports $224 million net income

The Western Union Company, a money transfer services provider, reported its financial results for the first quarter. Its global consolidated revenue in the first quarter stood for $1.2 billion, a decrease of 5% compared to last year’s first quarter. Net income accounted for $224 million up 8% compared to last year’s first quarter, or up 1% excluding restructuring expense incurred in the first quarter of 2008.

Among the main recent achievements of the company there is money transfer agreements for the America’s "go-to-market" banking channel strategy with U.S. Bank and Fidelity National Information Service. Besides, Western Union also established a partnership with Yodlee to offer integrated, online expedited bill payments to Fidelity National Information Services’ customers and closed the acquisition of the money transfer business of FEXCO.

Western Union President and Chief Executive Officer Christina Gold said, “We were pleased with first quarter results, particularly in light of the world’s economic challenges. Global consumer-to-consumer transactions increased seven percent for the period, and in combination with cost reductions, led to strong margins. We made significant progress on our strategic agenda during the quarter, particularly our channel strategy, by signing the U.S. Bank agreement and through the FEXCO acquisition.”