While reporting financial results for the fourth quarter on Friday, payments technology<\/span> company Global Payments Inc. (GPN) initiated its adjusted earnings and adjusted revenue guidance for the full year 2023.<\/p>\n
For fiscal 2023, the company now projects adjusted earnings in a range of $10.25 to $10.37 per share on adjusted net revenues between $8.575 billion and $8.675 billion.<\/p>\n
On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.37 per share on revenues of $8.57 billion for the year. Analysts’ estimates typically exclude special items.<\/p>\n
For the fourth quarter, the company reported net income attributable to Global Payments of $249.31 million or $0.94 per share, up from $208.45 million or $0.72 per share in the prior-year quarter.<\/p>\n
Excluding items, adjusted earnings for the quarter were $2.42 per share, compared to $2.13 per share in the year-ago quarter.<\/p>\n
Revenues for the quarter grew 2.7 percent to $2.25 billion from $2.19 billion in the same quarter last year. Adjusted net revenue was up 19 percent to $2.02 billion from last year.<\/p>\n
The Street was looking for earnings of $2.41 per share on revenues of $2.01 billion for the quarter.<\/p>\n
Reflecting the pending divestiture of the company’s consumer business<\/span>, adjusted net revenue grew 4 percent to $1.90 billion from a year ago.<\/p>\n
Further, Global Payments’ Board of Directors approved a dividend of $0.25 per share payable March 31, 2023 to shareholders of record as of March 17, 2023 and also reauthorized up to $1.5 billion of share repurchase capacity.<\/p>\n
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