Western Union Shares Jump On Earnings Guidance Bump

Englewood, CO (AHN) - Western Union (WU) raised its growth targets on Friday, saying it sees 2008 results at the high end of their previous guidance range.

The company forecast full year earnings of $1.25 to $1.29 a share for 2008, with revenue growth ranging from 9 to 11 percent.

Analysts are looking for 2008 earnings of $1.28 a share on 11 percent revenue growth according to a survey by Thomson Reuters.

"Our decision to raise the long-term EPS objective comes from our confidence that we are successfully executing on Western Union's strategy that positions us extremely well in the huge and growing global money transfer marketplace," said Christina Gold, Western Union's chief executive, according to the Associated press.

The company also announced an additional $1 billion stock buyback plan, adding to the $1.7 billion already authorized for stock repurchase.

Western Union shares reached a 52-week high Friday, gaining $1.94 or 8 percent, closing at $25.10.