Global Payments Posts Higher Q3 Earnings

Global Payments Inc. GPN reported a rise in its earnings for its fiscal third quarter on Wednesday. The Atlanta, Georgia-based company posted quarterly net income of $62.6 million, or $0.93 per share, compared to $55.1 million, or $0.76 per share, in the year-ago period. Cash diluted EPS rose 19% to $1.14 versus $0.96. Its revenue climbed 7 8% to $666.9 million from $616.5 million. However, analysts were expecting a profit of $1.11 per share on revenue of $668.26 million. The company's board announced a Q3 dividend of $0.02 per share. The company announced its plans to enter into an accelerated share repurchase plan to repurchase up to $100 million of its common stock. The average estimate among 16 Estimize users was for earnings of $1.14 per share and revenue of $674.70 million for the third quarter. For the full year, Global Payments projects earnings of $4.77 to $4.84 per share, on revenue of $2.75 billion to $2.8 billion. Analysts had expected earnings of $4.78 per share on revenue of $2.78 billion. Global Payments shares fell 0.39% to close at $92.23 yesterday.