By Sabela Ojea

Shares of International Money Express dropped after the company's guidance for the first quarter and for 2025 missed Wall Street expectations, and the board suspended a review process first disclosed in November.

The stock was down 18% to $15.07 in Wednesday morning trading, the lowest since shares fell to that same price on Feb. 4, 2022. Wednesday's decline puts the shares on pace for their largest percentage decrease since Aug. 6. The stock is down 28% this year.

The provider of money transfer services guided for first-quarter adjusted earnings, which strips out one-time items, of 40 cents to 43 cents per share, and revenue of $145.5 million to $149.9 million. Analysts had forecast adjusted earnings of 50 cents per share and revenue of $154.3 million, according to a survey by FactSet.

For the year, the company guided for adjusted earnings per share of $2.09 to $2.26, below the $2.42 forecast of Wall Street, and revenue of $657.5 million to $677.5 million, falling short of the $681.6 million expected by analysts.

Chief Executive Bob Lisy said the guidance for this year reflects a significant investment in digital customer capture, along with additional staff and marketing initiatives.

The company said that the board suspended the business review due to the lack of a definitive offer at a price that was a superior alternative to the long-term stockholder value potentially created by the company's current business model and its strategic plan.

A committee composed by the board's independent board members, together with financial advisors, evaluated options such as a merger or a sale.

"The Intermex's board and management team are committed to maximizing stockholder value and remain open to all opportunities to achieve this objective," the company added.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

February 26, 2025 11:53 ET (16:53 GMT)

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