International Money Express payment service exceeded analysts’ forecasts

International payment service International Money Express Inc. (IMXI) reported for the fourth quarter of 2021 above the expectations of Wall Street analysts. The news supported the growth of the company’s quotations by over 7.5% at the auction on March 10. IMXI finished trading at $18.4, having risen in price by almost 9%.

International Money Express, or InterMex, is one of the leading companies for transferring money between the United States and Latin America (the company operates in almost all US states and in 17 Latin America countries). The overall Intermex network has over 55,000 payment acceptance locations (including retail stores), and also supports online payments and mobile transfers.

That Intermex is expanding the geography of its presence and is already starting in Asia and Africa. In the fourth quarter, Intermex reported record sales of $127.2 million, up 28% year-on-year. Net transactions increased by 25% compared to the same quarter last year. The recent increase in the number of Intermex customers explains the high rates. The number of active users increased by over 20%, and the number of Internet customers increased by 76%.

In addition, the company notes the positive role of geographical expansion and momentum in the digital segment. Adjusted non-GAAP earnings were $0.4 per share, up 33% year-on-year. The company’s net profit increased by 36% year-on-year to more than $13 million. InterMex management also published a revenue forecast for 2022, which assumes revenue growth to the range of $537-$546 million, revenue may grow by 18% year-on-year. Intermex continues to invest in developing its digital business and increasing digital transactions. The company invests in expanding its agency base and retail business in order to get non-digital growth.