Global Payments Drops 9% On Revenue Miss
Shares of Global Payments Inc. (GPN) are falling more than 9% Monday morning after the payments technology company’s first-quarter revenue missed analysts’ view.
Revenues for the quarter were $2.156 billion, compared with $1.99 billion in the first quarter of last year.
Excluding one-time items, adjusted net revenues increased 8% to $1.952 billion, but missed the consensus estimate of analysts polled by Thomson Reuters at $1.96 billion.
Net income for the quarter was $244.73 million or $0.87 per share compared with $196.68 million or $0.66 per share in the same quarter a year ago.
Excluding one-time items, earnings were $2.07 per share. The consensus estimate was for $2.04 per share.
For 2022, the company expect adjusted net revenue to be in a range of $8.42 billion to $8.50 billion, and adjusted earnings per share is expected in a range of $9.45 to $9.67.
Analysts expect the company to report earnings of $9.49 per share on revenue of $8.46 billion for the period.
Global Payments’ Board approved a dividend of $0.25 per share payable June 24, to shareholders of record as of June 10.
GPN is at $123.65 currently. It has traded in the range of $116.74-$219.64 in the past 52 weeks.
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