UPDATE: Global Payments Posts Upbeat Q2 Earnings, Lifts Outlook

Shares of

surged more than 3.5% in pre-market trading after the company reported better-than-expected earnings for the fiscal second quarter and raised its forecast for the full year. The Atlanta, Georgia-based company posted quarterly earnings of $74.8 million, or $1.10 per share, compared to $73.9 million, or $1.02 per share, in the year-ago period. Cash diluted earnings per share rose 19% to $1.27 from $1.07. Its revenue climbed 10% to $697.3 million from $634.1 million in the period. However, analysts were expecting earnings of $1.20 per share on revenue of $692.37 million. The company also raised its buyback plan to $300 million. “We are very pleased to deliver another quarter of solid performance across our direct businesses,” said Chief Executive Officer Jeff Sloan. “We also continue to successfully expand our worldwide footprint, one of our key strategies to accelerate growth.” For the full year, Global Payments now expects earnings of $4.75 to $4.83 per share, on revenue of $2.75 billion to $2.8 billion. The company had earlier expected earnings of $4.65 to $4.75 per share on revenue of $2.74 billion to $2.79 billion. Analysts expected earnings of $4.72 per share on revenue of $2.78 billion. Global Payments shares rose 3.73% to $82.25 in pre-market trading.