International Money Express, Inc. (NASDAQ: IMXI), also known as Intermex, reported solid Q3 2024 results, highlighting steady growth in digital transactions and a strong financial performance. Total revenue for the quarter reached $171.9 million, a slight decrease of 0.3% compared to Q3 2023, largely due to a slowdown in retail remittances to Latin America. However, the company saw substantial growth in its digital business, with digital transaction revenue surging by 76%. Intermex’s net income increased by 16.9% to $17.3 million, with a 29.3% rise in diluted earnings per share to $0.53. Adjusted EBITDA climbed 6.9% to $33.9 million.
CEO Bob Lisy attributed the quarter’s strong performance to Intermex’s “DNA of efficiency” and its focus on omnichannel services, which helped the company navigate challenges in the remittance sector. “We have delivered another strong quarter of operating results,” Lisy stated, emphasizing the company’s strategic position within the Latin American remittance market.
In a strategic move, Intermex announced it will evaluate potential options to increase shareholder value, including a possible sale. The Board has retained FTP Securities LLC as its financial advisor to explore these alternatives, although there is no set timeline for this process, and no assurance of a specific outcome.
Year-to-date, Intermex’s revenue reached $493.9 million, up 1.4%, with adjusted net income and adjusted EBITDA increasing by 3.1% and 4.2%, respectively. The company repurchased 1,093,372 shares in Q3 as part of its ongoing stock repurchase program and ended the quarter with $156.6 million in cash.
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