What happened
Shares of International Money Express (IMXI -0.99%) were skyrocketing today after the company released fourth-quarter 2021 financial results that were better than expected. Investors were especially pleased that the money transfer company's earnings easily beat Wall Street's consensus estimate.
The tech stock was up by 13% as of 10:35 a.m. ET.
So what
International Money Express, also called Intermex, reported non-GAAP (adjusted) earnings per share of $0.40 in the fourth quarter -- an increase of 33% year over year -- which easily outpaced analysts' consensus estimate of $0.27 per share.
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Intermex had an impressive quarter with record sales of $127.2 million, up 28% from the year-ago quarter, as well as a 25% increase in net money transfer transactions.
The company's strong performance in the quarter was due, in part, to Intermex's recent customer gains. The number of active customers increased by more than 20% in the quarter and digital customers grew by 76%.
"Record results for the fourth quarter and the full year 2021 again reflected growth across all of our primary markets and our emerging geographies, as well as further advances in the digital sector, in which we believe Intermex has a significant and sustainable opportunity to gain market share," Intermex CEO Bob Lisy said in a press release.
Now what
Not only were investors impressed with the company's earnings and customer growth in the quarter, but they were also likely enthusiastic about management's revenue outlook for the full-year 2022.
Intermex's management issued revenue guidance in the range of $537 million to $546 million for 2022. That means the company expects sales to increase by 18% at the midpoint of guidance and be much higher than analysts' consensus estimate of $511 million for the year.