Intermex sets sights on European growth in the third quarter of 2023

Intermex, a leading player in the cross-border payments industry, has reported a stellar Q3 23, with revenue soaring by 22.5% to a record high of $172.4 million. This growth was primarily driven by the core growth of the business and the acquisitions of La Nacional and I-Transfer.

The company's adjusted EBITDA also saw a significant rise, jumping by 14% to reach a record $31.7 million. As a result, Intermex's EBITDA margin now stands at 18.4%.

Looking forward, Intermex anticipates its adjusted EBITDA for Q4 23 to be in the range of $31.4 million to $33.4 million. If these projections are met, the company's total revenues for the year could be in the range of $657 million to $668 million.

In terms of earnings, Intermex did not update its FY guidance directly. However, the company expects Q4 23 revenues to rise by 10-17%. If these projections are met, the company's adjusted EBITDA for the year could be in the range of $118.1 million to $120.1 million.

It's worth noting that Intermex was recently acquired by Western Union for approximately $500 million. Western Union expects this acquisition to increase its earnings per share by more than 0.10 US dollars in the first full year.

The newsletter provided by Intermex offers access to a comprehensive range of research and analysis on cross-border payments globally. This makes it an invaluable resource for anyone interested in the industry.

While no further acquisitions by Intermex were reported, the company had previously reduced its FY guidance for 2023 due to economic uncertainties. However, specific revenue and EBITDA figures for 2023 in the case of successful acquisitions were not provided.