International Money Express Inc (IMXI), a leading money transfer services provider to Latin America and the Caribbean, saw its shares plummet 16.59% in pre-market trading on Wednesday. The steep decline came after the company reported disappointing fourth-quarter 2024 results that missed analysts' expectations and announced the suspension of its strategic review process.
For the quarter ended December 31, 2024, IMXI reported revenue of $164.8 million, falling short of the consensus estimate of $169.007 million. The company's adjusted earnings per share (EPS) of $0.57 also missed analysts' expectations of $0.60. The weaker-than-expected performance was attributed to a slowdown in overall remittance market growth to Latin America, which impacted IMXI's retail business.
In addition to the earnings miss, IMXI revealed that its Board of Directors has unanimously decided to suspend the previously announced assessment of strategic alternatives, including a potential sale of the company. The strategic review process, launched in November 2024, failed to yield a definitive offer at a price that offered superior value compared to IMXI's current business model and strategic plan.
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