MoneyGram International Inc. said Thursday that its first-quarter net income rose 30% year over year, to $14 million.
The Dallas money transfer provider said revenue rose 3%, to $294 million. Its transaction volume for money transfers rose 14%, which it said was driven by 17% growth in transfers originated outside the U.S.
"The company and our core money transfer business continue to strengthen and we remain diligently focused on investing in our brand and driving productivity across the organization," Pamela H. Patsley, MoneyGram's chairman and chief executive, said in a press release. "We continue to refine what is working well and are taking the necessary steps to improve those areas that are underperforming."
Patsley highlighted the recapitalization agreement MoneyGram entered during the first quarter with Thomas H. Lee Partners, with its co-investors and with affiliates of Goldman Sachs & Co.
