US-based payments transfer company Western Union (NYSE: WU) saw revenues from its Americas region increase 6% in 3Q11 compared to the same quarter 2010, led by a 5% increase in Mexico, "which we believe was partially driven by consumers sending more funds when the Mexican peso depreciated," president and CEO Hikmet Ersek told a conference call.
"I was pleased with my tour in Mexico last week and still see opportunity to grow our business there," he said.
The Americas represented 31% of Western Union's revenues in the quarter.
The Colorado-based company's global third quarter earnings topped estimates at US$240mn on the back of strong margin improvement led by its consumer-to-consumer segment, which generates most of the company's revenues, according to its latest earnings release.
Management also raised its 2011 guidance led by the solid earnings this year so far. The company now expects constant currency revenue to grow in the range of 4-5%, and it increased its full 2011 adjusted earnings per share estimate to US$1.55-1.58 from US$1.53-1.58 before.
To read Western Union's full earnings release, go to this link