Western Union expects a better 2021 after the coronavirus outbreak

Western Union Co (WU.N) reported that it expects an improved outlook next year as people adjust to the coronavirus crisis while expectations for an additional U.S. government stimulus package could help the country’s economy.

“Generally, I would expect a better 2021 than we saw this year. At least here in the U.S., we should get some economic stimulus. The election will be behind us, all of these things will help the U.S., which is a big part of our business, and I do think people have learned to live a little bit more with the pandemic and we will see better times next year,” Western Union’s Executive Vice President and Chief Financial Officer said in an interview with Reuters.

The world’s largest money transfer firm said that the firm was severely affected by the coronavirus pandemic as new migration had slowed and some existing migrant workers returned to their home countries after losing their jobs.

The American worldwide financial services and communications company reinstated its full-year economic outlook with Generally Accepted Accounting Principles (GAAP) earnings per share worth $1.72 to $1.77.

According to Refinitiv’s IBES data, Western Union’s estimated net profit for the third-quarter was worth $1.25 billion.