NEW YORK (TheStreet) -- Shares of The Western Union Co. (WU) are gaining by 6.68% to $21.64 in late morning trading on Friday, after the money moving and payment services company reported better than expected earnings results for the 2015 first quarter.
For the most recent quarter the company said earnings increased by 5% to 39 cents per share, while analysts were expecting 38 cents per share.
Revenue for the first quarter declined by 2.2% to $1.32 billion, versus the $1.31 billion analysts were looking for.
"We delivered a solid start to the year, as earnings per share increased 5% despite foreign exchange headwinds and a slow global economy. Each of our business segments produced constant currency revenue growth, operating margins improved, and cash flow generation continued to be robust," company CEO Hikmet Ersek said in a statement.
Additionally, Western Union was upgraded to "outperform" from "market perform" at Wells Fargo on Friday morning. The firm cited the company's earnings results and "attractive" valuation as its reasoning for the upgrade.
Separately, TheStreet Ratings team rates WESTERN UNION CO as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate WESTERN UNION CO (WU) a BUY. This is driven by a number of strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its solid stock price performance, growth in earnings per share, increase in net income, attractive valuation levels and expanding profit margins. We feel these strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated."