Euronet Worldwide Reports Strong Q3 2022 Results, Anticipates Mid-Teens Growth
Euronet Worldwide has reported a robust performance for the third quarter of 2022, with revenues surging 14% year-on-year to $931.3 million. The company anticipates full-year growth in the 'mid to upper teens' for 2022.
Euronet's money transfer segment expanded its network significantly, adding over 22,000 locations despite closing around 20,000 in Russia and neighboring countries. This growth was driven by a 14% increase in US-outbound transactions, a 12% rise in international-originated money transfers, and a 21% boost in XE transactions.
However, the strong US dollar led to foreign exchange declines of 10-20% in key markets, which impacted overall revenue growth. The money transfer segment grew by 3%, trailing e-pay's 4% and electronic funds transfer's impressive 41% growth. The US domestic business also declined by 13%.
Money transfer revenue, operating income, and adjusted EBITDA all grew by 3%, 8%, and 5% respectively. The Dandelion platform, meanwhile, achieved a notable 44% year-on-year revenue growth and is actively exploring partnerships with national and regional switches.
Euronet's Q3 2022 results demonstrate resilience and growth, with the company well-positioned to meet its full-year targets. Despite challenges in key markets, Euronet continues to expand its network and explore strategic partnerships.
