TSYS (NYSE: TSS) today reported results for the third quarter of 2017.
“We delivered another outstanding quarter driven by the growth in our consolidated and segment operating income margins over 2016 that exceeded our expectations. Our strong organic revenue growth reflects the exceptional execution of our strategic goals as we remain focused on delivering outstanding performance across our company” said M. Troy Woods, chairman, president and chief executive officer of TSYS.
Highlights for the third quarter of 2017 vs. 2016:
Total revenues were $1.2 billion, an increase of 8.8%.
Net revenue (non-GAAP), which excludes reimbursable items, interchange and assessment expenses, was $852.8 million, an increase of 8.0%.
Net income attributable to TSYS common shareholders was $123.1 million, an increase of 44.2%. Diluted EPS were $0.66, an increase of 43.3%.
Adjusted earnings (non-GAAP) were $162.7 million, an increase of 24.5%. Adjusted diluted EPS (non-GAAP) were $0.88, an increase of 23.7%.
Adjusted EBITDA (non-GAAP) was $309.5 million, an increase of 15.0%.
Debt was reduced an additional $175 million bringing the year- to-date reduction to $400 million and bringing the total over the past six quarters to $800 million.
“During the quarter, we also completed our deleveraging commitments and resumed our share buyback activity with the purchase of 400,000 shares of our stock for $27.6 million. Our third quarter outperformance and fourth quarter outlook allow us to increase our revenue and earnings per share guidance for 2017,” said Woods.