Global Payments Q4 Results Top Estimates; Sees FY23 Revenues Above Estimates

(RTTNews) - While reporting financial results for the fourth quarter on Friday, payments technology company Global Payments Inc. (GPN) initiated its adjusted earnings and adjusted revenue guidance for the full year 2023.

For fiscal 2023, the company now projects adjusted earnings in a range of $10.25 to $10.37 per share on adjusted net revenues between $8.575 billion and $8.675 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.37 per share on revenues of $8.57 billion for the year. Analysts' estimates typically exclude special items.

For the fourth quarter, the company reported net income attributable to Global Payments of $249.31 million or $0.94 per share, up from $208.45 million or $0.72 per share in the prior-year quarter.

Excluding items, adjusted earnings for the quarter were $2.42 per share, compared to $2.13 per share in the year-ago quarter.

Revenues for the quarter grew 2.7 percent to $2.25 billion from $2.19 billion in the same quarter last year. Adjusted net revenue was up 19 percent to $2.02 billion from last year.

The Street was looking for earnings of $2.41 per share on revenues of $2.01 billion for the quarter.

Reflecting the pending divestiture of the company's consumer business, adjusted net revenue grew 4 percent to $1.90 billion from a year ago.

Further, Global Payments' Board of Directors approved a dividend of $0.25 per share payable March 31, 2023 to shareholders of record as of March 17, 2023 and also reauthorized up to $1.5 billion of share repurchase capacity.

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