RTTNews | May 6, 2021 10:50PM EDT

22:49 Thursday, May 6, 2021 (RTTNews.com) - MoneyGram International Inc. (MGI) reported that its first-quarter net loss narrowed to $15.4 million or $0.19 per share from $21.5 million or $0.28 per share last year.

Operating income was $8.4 million, a decrease of 36% from last year, hurt by the elimination of Ripple market development fees, lower investment income and severance costs.

Total revenue was $310.1 million, represented an increase of 7% on a reported basis or an increase of 3% on a constant currency basis.

Analysts polled by Thomson Reuters expected the company to report a loss of $0.02 per share and revenues of $300.35 million. Analysts' estimates typically exclude special items.

Money transfer revenue was $285.4 million, up 12%, or 8% on a constant currency basis, driven by double-digit transaction growth.

Looking ahead for the second-quarter, the company anticipates total revenue in the range of $315 million to $325 million based on continuing growth in its money transfer business.

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