Foreign currency swings hurt Euronet Worldwide’s profit

Euronet Worldwide on Wednesday reported a sharp drop in first-quarter profit as foreign currency fluctuations hurt the financial services company’s bottom line.

The Leawood-based company, which operates electronic payment networks and generates about 70 percent of its revenue outside the United States, said net income fell to $7.2 million for the three months that ended March 31. That compared to a profit of $16 million in the year-earlier period.

Total revenue increased 12 percent in the first quarter to $395.2 million.

The company said operating income climbed 32 percent in the first quarter to $32.2 million.

Euronet said its electronic payment systems handled 635 million transactions during the first quarter, up 8 percent from a year earlier.

This story was originally published April 29, 2015 at 9:51 AM with the headline "Foreign currency swings hurt Euronet Worldwide’s profit."