Growth stock picks: Western Union reports higher revenue and earnings in 2010

Western Union Co. (New York symbol WU) provides money-transfer and foreign-exchange services in over 200 countries. In 2010, Western Union reported revenue of $5.2 billion. That’s up 2.1% from $5.1 billion in 2009. If you exclude the negative impact of exchange rates, revenue would have risen 3%. The company earned $909.9 million in 2010, up 7.2% from $848.8 million in 2009. During the year, Western Union spent $584 million on share buybacks. Due to fewer shares outstanding, the growth stock pick’s earnings per share rose 12.4% to $1.36 from $1.21 the year before. If you exclude one-time items, including restructuring expenses, earnings per share would have risen 10.1%, to $1.42 from $1.29. Meantime, Western Union continues to buy back its own shares. Its board of directors has authorized it to repurchase up to $1 billion of its stock by December 31, 2012. That’s in addition to the $416 million remaining on its current authorization. You can get our in-depth analysis, including our updated buy/sell/hold advice, on Western Union and other U.S. growth stock picks in an upcoming issue of Wall Street Stock Forecaster. What’s more, you can get one month free when you subscribe today. Click here to learn how.