2023-08-01 08:55:02 ET
Global Payments ( NYSE: GPN ) stock gapped up 3.9% in Tuesday premarket trading after the paytech firm delivered second-quarter earnings and revenue that topped the average analyst estimate. It also raised the lower end of its 2023 guidance range for profit and sales, while keeping the upper end the same.
Adjusted net revenue for the year is now expected to be $8.660B-$8.735B, vs. $8.65B consensus, compared with $8.635B-$8.735B in the prior target range. It sees full-year adjusted EPS of $10.35-$10.44, vs. $10.34 consensus, compared with $10.32-$10.44 in the previous outlook.
“Our 2023 outlook reflects the continued momentum we are seeing in our business, while also accommodating the potential for a more tempered macroeconomic environment over the remainder of the year,” said Josh Whipple, senior executive vice president and CFO.
Q2 adjusted EPS of $2.62, surpassing the $2.58 average analyst estimate, rose from $2.40 in the prior quarter and from $2.36 a year before.
Adjusted net revenue of $2.20B, exceeding the $2.19B consensus, advanced from $2.05B in Q1 and from $2.06B in Q2 2022.
Operating expenses were $1.85B, down from $2.24B in Q1 and from $2.81B in Q2 of last year.
Q1 adjusted revenue by segment (vs. Q2 2022):
- Merchant Solutions of $1.84B increased from $1.433B a year ago.
- Issuer Solutions of $590.4M jumped 22% Y/Y.
- Consumer Solutions of $39.0M dropped 76% Y/Y.
Earlier, Global Payments Non-GAAP EPS of $2.62 beats by $0.04, revenue of $2.20B beats by $30M.
More on Global Payments:
- Seeking Alpha's Quant rating of GPN
- Archive of Global Payment's financial statements
- Global Payments: Locked Value Is Yet To Manifest
For further details see:
Global Payments stock climbs after Q2 earnings beat on lower expenses