market movers

Western Union sees a costly year ahead

Hikmet Ersek is the CEO of Western Union.

Associated Press/File 2013

Hikmet Ersek is the CEO of Western Union.

Western Union Co. said regulatory costs will prevent operating profit from rising next year. It sees “significant additional investment” in 2014 as it implements measures to deter fraud and money laundering, with such expenses rising from 2.5 percent of revenue in 2013 to a range of 3.5
to 4.5 percent in 2014. For the third quarter, the money-transfer company earned 39 cents a share, beating expectations. Revenue of $1.4 billion was in line with forecasts. But net income fell 20 percent to $214.4 million from a year earlier, and earnings per share fell 13 percent.

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