Global Payments Reaffirms FY24 Outlook; Q1 Adj. EPS Tops Estimates - Update

(RTTNews) - While reporting financial results for the first quarter on Wednesday, payments technology company Global Payments Inc. (GPN) reaffirmed its adjusted earnings and adjusted revenue guidance for the full year 2024.

For fiscal 2024, the company continues to project adjusted earnings in a range of $11.54 to $11.70 per share on adjusted net revenues between 9.17 billion and $9.30 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $11.59 per share on revenues of $9.24 billion for the year. Analysts' estimates typically exclude special items.

For the first quarter, the company reported net income attributable to the company of $313.31 million or $1.22 per share, compared to a net loss of $11.04 million or $0.04 per share in the prior-year quarter.

Excluding items, adjusted net income for the quarter was $2.59 per share, compared to $2.40 per share in the year-ago quarter.

Revenues for the quarter grew 5.6 percent to $2.42 billion from $2.29 billion in the same quarter last year. Adjusted net revenue was up 6.6 percent to $2.18 billion from last year.

The Street was looking for earnings of $2.57 per share on revenues of $2.18 billion for the quarter.

Further, Global Payments' Board of Directors approved a dividend of $0.25 per share payable June 28, 2024 to shareholders of record as of June 14, 2024.

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