Global Payments Earnings: Here’s Why Shares Popped
Global Payments Inc. (NYSE:GPN) delivered a strong profit and beat Wall Street’s expectations, AND topped the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 2.02%.
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Global Payments Inc. Earnings Cheat Sheet
Results: Net income increased 14.74% to $70.2 million (89 cents per diluted share) in the quarter versus a net gain of $61.18 million in the year-earlier quarter.
Revenue: Rose 10.93% to $588.5 million from the year-earlier quarter.
Actual vs. Wall St. Expectations: Global Payments Inc. reported adjusted net income of 89 cents per share. By that measure, the company beat the mean analyst estimate of $0.87. It beat the average revenue estimate of $574.82 million.
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Quoting Management: “We are pleased with the increase in the share repurchase authorization and we expect to execute on our buyback plans. With the recently increased financing capacity we completed in the second quarter of 2013, we have significant capital flexibility to drive organic growth, acquisitions and on-going share repurchases,” David Mangum, Senior EVP and CFO…