International Money Express ( (IMXI) ) has released its Q3 earnings. Here is a breakdown of the information International Money Express presented to its investors.
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International Money Express, Inc., commonly referred to as Intermex, is a leading provider of omnichannel money transfer services primarily to Latin America and the Caribbean, based in Miami, Florida.
In its third-quarter earnings report for 2024, Intermex announced strong operating results, with notable increases in key financial metrics despite a slight decline in total revenues. The company also revealed its intention to assess strategic alternatives, potentially including a private sale.
Intermex’s financial performance for the third quarter of 2024 showed a 16.9% increase in net income to $17.3 million, while diluted earnings per share rose sharply by 29.3% to $0.53. Adjusted EBITDA increased by 6.9% to $33.9 million, reflecting solid growth in its digital business and improved efficiency in the retail remittance market to Latin America. The total principal amount transferred was $6.4 billion, with a notable 76.0% growth in revenues from digitally-sent money transfers.
Despite a 0.3% decrease in overall revenues to $171.9 million, Intermex’s focus on digital growth and operational efficiency has driven profitability. The company also executed a share repurchase program, buying back over 1 million shares for $20.3 million during the quarter, highlighting its commitment to enhancing shareholder value.
Looking ahead, Intermex is exploring strategic alternatives to unlock further value, acknowledging that its current market valuation may not fully reflect its performance and growth potential. This strategic review, guided by financial advisor FTP Securities LLC, underscores the company’s dedication to acting in the best interest of its shareholders.
