ATLANTA - Global Payments Inc. (NYSE:GPN) reported a robust first quarter for 2024, with adjusted earnings per share (EPS) and revenue surpassing Wall Street expectations. The company's adjusted EPS came in at $2.59, slightly ahead of the analyst estimate of $2.57.
Revenue for the quarter was also strong at $2.42 billion, significantly exceeding the consensus estimate of $2.17 billion, marking a 6% increase from the first quarter of the previous year.
The company's president and CEO, Cameron Bready, expressed satisfaction with the company's performance, attributing the success to effective execution across the business and resilient consumer trends, despite a challenging macroeconomic environment.
Bready highlighted the completion of strategic transactions in the previous year and the company's focus on long-term sustainable growth.
Global Payments also reaffirmed its financial outlook for 2024, with expectations for adjusted net revenue to be between $9.17 billion and $9.30 billion, reflecting a growth of 6% to 7%.
Adjusted EPS is projected to be in the range of $11.54 to $11.70, indicating an 11% to 12% increase over 2023. The company's annual adjusted operating margin is anticipated to expand by up to 50 basis points.
Despite the positive earnings report, Global Payments' stock saw a marginal decline of 0.6% following the announcement. The company did not specify a driver for the stock movement, suggesting that the market's reaction may be influenced by broader economic factors rather than the company's performance alone.
Josh Whipple, Senior Executive Vice President and Chief Financial Officer, noted that while business trends remain stable, the company's outlook is cautious, accounting for the possibility of a more subdued economic environment compared to the previous year.
In addition to financial achievements, Global Payments announced a dividend of $0.25 per share, payable on June 28, 2024, to shareholders of record as of June 14, 2024. This move reflects the company's commitment to delivering value to its shareholders while pursuing its strategic objectives.
The financial figures reported are based on the company's first-quarter results, which ended on March 31, 2024.
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