Black Friday is Now! Don’t miss out on up to 60% OFF InvestingProCLAIM SALE

Global Payments stock rises as Q3 revenue beats expectations

Published 30/10/2024, 12:06
© Reuters.
GPN
-

ATLANTA - Global Payments Inc. (NYSE:GPN) reported third-quarter results that met earnings estimates and exceeded revenue expectations, leading to a 2.5% rise in its stock price.

The payments technology company posted adjusted earnings per share of $3.08 for the quarter ended September 30, 2024, just shy of the $3.09 analyst consensus. Revenue came in at $2.6 billion, surpassing the $2.38 billion estimate and representing a 5% YoY increase.

Adjusted net revenue, which excludes certain items, rose 6% to $2.36 billion compared to $2.23 billion in the same quarter last year. The company's adjusted operating margin expanded by 40 basis points to 46.1%.

"We are pleased with our solid financial performance in the third quarter, which reflects strong execution despite ongoing macroeconomic uncertainty," said Cameron Bready, CEO of Global Payments.

The company reaffirmed its full-year 2024 outlook, expecting adjusted net revenue between $9.17 billion and $9.30 billion, representing growth of 6% to 7%. Adjusted EPS is projected to be in the range of $11.54 to $11.70, indicating growth of 11% to 12% over 2023.

Global Payments also announced it has reached a definitive agreement to sell its AdvancedMD business to Francisco Partners, with the transaction expected to close in the fourth quarter. Additionally, the company entered into a $600 million accelerated share repurchase plan and increased its share repurchase authorization to $2.5 billion.

The company's board approved a dividend of $0.25 per share, payable on December 27, 2024, to shareholders of record as of December 13, 2024.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers
© 2007-2024 - Fusion Media Limited. All Rights Reserved.