UPDATE: Western Union Q4 Profit Drops 47%

Western Union Co

reported a 47% drop in its fourth-quarter profit. Western Union's quarterly profit declined to $237.9 million, or $0.40 per share, versus $452.3 million, or $0.73 per share, in the year-earlier period. Its revenue fell to $1.42 billion from $1.43 billion. However, analysts were expecting earnings of $0.35 per share on revenue of $1.4 billion. Western Union projects 2013 earnings of $1.33 to $1.43 per share, versus analysts' estimates of $1.48 per share. Western Union shares fell 4.04% to $13.76 in after-hours trading.