Global Payments posts Q3 profit

Source: Global Payments

Global Payments (NYSE:GPN) today announced results for its fiscal third quarter ended February 28, 2010.

For the third quarter, revenues grew 11% to $398.5 million compared to $359.5 million in the prior year. Diluted earnings per share from continuing operations grew 35% to $0.58 compared to $0.43 in the prior year (See Schedule 2 for financial results from continuing operations).

Chairman and CEO, Paul R. Garcia, stated, "I am pleased with our results for the quarter which include a lift from foreign currency translation. On a constant currency basis, we delivered solid revenue and diluted earnings per share growth of 6% and 18%, respectively(1). This demonstrates strong financial performance despite a challenging, albeit improving, macroeconomic environment. These results were driven by steady growth in our U.S. ISO channel, continued successful execution in our international businesses and a better than expected effective tax rate.

"Based on our current outlook for continuing operations, we are increasing our fiscal 2010 annual revenue expectations to $1,615 million to $1,625 million, or 10% to 11% growth over fiscal 2009, and we are increasing our fiscal 2010 diluted EPS expectations to $2.49 to $2.54, reflecting 19% to 21% growth over fiscal 2009 EPS," said Garcia.

Read the full statement here:


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