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Global Payments Inc (NYSE: GPN) delivered better than expected earnings for the first quarter. The company also boosted its EPS forecast for the fiscal year 2017.
The company reported GAAP net income of $86.65 million, or $0.66 a share for the first quarter. On an adjusted basis, EPS advanced 9 percent from $0.79 to $0.86 and came in above the consensus of estimate of $0.84.
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While Global Payments' GAAP revenue grew from $748.8 million to $939.5 million, adjusted net revenues jumped 52 percent from $537.0 million to $817.3 million in the last quarter.
CEO Jeff Sloan commented, "Heartland continued its strong growth momentum in the United States. Our businesses in Europe performed exceptionally well, and our Asia business produced its highest rate of organic revenue growth in several quarters."
Moving ahead, the company indicated lifted its adjusted EPS forecast to $3.45-$3.55 for fiscal year 2017 reflecting 16–19 growth from fiscal year 2016. However, the company continued to see its adjusted net revenue between $3.2 and $3.3 billion for the same period.
The stock closed at $76.44 on Tuesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.