Euronet Worldwide Inc - EEFT STOCK NEWS

Ria Money Transfer, a subsidiary of Euronet (NASDAQ: EEFT), has announced a new partnership with PLS Financial Services Inc. to become the exclusive provider of money transfer services at over 200 PLS Check Cashers locations across the United States. This collaboration will give PLS's three million monthly customers access to Ria's extensive network, including 4.1 billion bank accounts, 2 billion mobile wallet accounts, and nearly 600,000 cash pickup locations in 198 countries.

The partnership aims to meet the growing demand for competitive and affordable money transfer services, particularly for immigrants with family overseas. The United States, being the largest source of remittances globally, sends significant funds to countries like India ($15.8 billion), Mexico ($52.6 billion), and the Philippines ($12.8 billion) annually. This collaboration is expected to provide a customer-centric, safe, convenient, and economical transaction experience for U.S. consumers.

Euronet Worldwide (NASDAQ: EEFT) reported strong Q2 2024 financial results, with revenues increasing 5% to $986.2 million and adjusted earnings per share rising 11% to $2.25. The company saw improvements across all segments, with EFT Processing showing particularly strong growth. Key highlights include:

- Operating income up 10% to $134.3 million
- Adjusted EBITDA increased 7% to $178.2 million
- Net income of $83.1 million, or $1.73 diluted EPS
- Strong cash position with $2,067.4 million in total cash and cash equivalents

Euronet remains confident in achieving its full-year 2024 adjusted EPS growth target of 10-15%. The company's performance was driven by business expansion, product portfolio growth, and continued investment in technology across all segments.

Euronet (NASDAQ: EEFT) announced that it will release its second quarter 2024 earnings results on July 19, 2024, before market opening.

A conference call to discuss the results will be held on the same day at 9:00 a.m. Eastern Time. The call and accompanying slides will be accessible via webcast through Euronet's investor relations website.

Participants must register to receive dial-in information for accessing the call by telephone. It is recommended to join the call five minutes prior to the start. A replay of the webcast will be available from approximately one hour after the event and will be accessible for one year on the company's website.

On June 19, 2024, Euronet (NASDAQ: EEFT) announced a partnership with Onnipro, a subsidiary of Onnitech Group in Sao Paulo, Brazil. The collaboration involves leveraging Euronet's Ren payments platform to expand Onnipro's card issuing capabilities, enabling support for Visa and Mastercard networks under a multi-year agreement. Serving over 12 million customers, Onnipro aims to transition from issuing closed-loop Elo cards to open-loop programs, enhancing its market position and service offerings. Ren's scalable and flexible platform will streamline Onnipro's operations and accelerate its market growth.

Euronet (NASDAQ: EEFT), a global leader in financial technology and payments, has appointed Sergi Herrero to its Board of Directors, effective June 4, 2024. This appointment expands the board from nine to ten members. Herrero brings extensive experience in the payment and technology sectors, having served in C-level roles and on the boards of various fintech companies.

Currently, Herrero is the Chairman of the Board at Intix, a fintech specializing in transaction data analytics for banks and securities houses. He also serves on the board of Ezra, a fintech based in the Middle East, and was previously Meta's Global Director of Payments and Commerce. Herrero holds master's degrees in Management from the University of California, Berkeley, and Ramon Llull University in Spain, along with a BS in Electrical Engineering from Ramon Llull University.

Euronet (NASDAQ: EEFT) has successfully acquired about 800 ATM terminals from Payments Network Malaysia (PayNet), enhancing its position as the largest non-bank ATM operator in Malaysia. Effective April 1, 2024, these ATMs have been integrated into Euronet’s network, which utilizes its advanced Ren payments platform. This move aims to provide secure and reliable cash access to customers in both urban and rural areas across Malaysia. The acquisition aligns with Euronet’s global ATM Asset Acquisition Program, offering comprehensive ATM outsourcing services and supporting financial inclusion. A rebranding to Euronet's brand will be completed within the next year.

Euronet Worldwide, Inc. reported strong first-quarter 2024 financial results, with revenues of $857.0 million, a 9% increase year-over-year. The Company's operating income increased by 40% to $64.0 million, and adjusted EPS grew by 47% to $1.28. Euronet's cash and cash equivalents stood at $1,236.2 million as of March 31, 2024. CEO Michael J. Brown highlighted the record-breaking adjusted EPS and exceeded analyst expectations, signaling confidence in 10-15% annual adjusted EPS growth for 2024.