MoneyGram International Inc. announced April 28 that its net income rose 30% to $14 million in the first quarter from the same period a year earlier.
The Dallas-based money transfer provider’s revenue rose 3% to $294 million in the first quarter, it said. 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 under-performing.”
Patsley highlighted the recapitalization agreement MoneyGram entered during the first quarter with Thomas H. Lee Partners, its co-investors and affiliates of Goldman Sachs & Co.
