Euronet Worldwide ties lower earnings to currency values

Third-quarter earnings fell 10.6 percent at Euronet Worldwide Services despite strong growth at its money transfer business and a 6 percent increase in revenue.

Its profit was $31.3 million, or 57 cents a share, compared with $35 million, or 64 cents a share, in the same quarter a year ago. Revenue totaled $481.4 million.

Leawood-based Euronet said Wednesday the rising value of the U.S. dollar hurt its profit from overseas operations, which account for 70 percent of its revenue.

Much of Euronet’s overseas profit is collected in Australian dollars, Hungarian forints and Polish zloty, among other currencies, but the company said they lose value when translated to U.S. dollars. Its financial report included a $16 million “foreign currency exchange loss.”

This story was originally published October 21, 2015 at 5:17 PM with the headline "Euronet Worldwide ties lower earnings to currency values."