What happened
Cross-border financial transfer specialist International Money Express (IMXI 0.80%) had quite a tough Wednesday on the stock market. Investors traded out of the company's shares following the release of its latest set of quarterly results. Consequently, the stock price plummeted by more than 8% on the day, a notably steeper decline than the 1.4% drop of the S&P 500 index.
So what
For its second quarter, International Money Express, frequently called Intermex to save breath, earned revenue of just over $169 million. That was up a robust 23.5% year over year; however, it fell short of the average analyst estimate of $171 million.
Non-GAAP (adjusted) profitability, meanwhile, increased only marginally over the second quarter of 2022. It landed at $18.4 million, or $0.50 per share. Those prognosticators, however, were collectively expecting the specialty finance company to earn $0.52.
Despite the marginal improvement in profitability, Intermex touted its potential for ramping up the fundamentals. In its earnings release, it quoted CEO Bob Lisy as saying, "Our efficient omnichannel operating model and strong cash generation put us in a great position to grow within our core, scale our emerging products like card and digital, and have the balance sheet flexibility to grow through M&A."
Now what
Yet, at the same time, Intermex tempered expectations for the immediate future. It reduced its full-year 2023 guidance and now expects it will earn revenue of just under $645 million to $673 million for the period while netting a per-share generally accepted accounting principles (GAAP) profit of $1.56 to $1.63. Both ranges fall short of the average analyst estimates, which stand at $679.4 million and $2.06, respectively.
