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Earnings Results: Global Payments tops earnings expectations

Global PaymentsGlobal Payments GPN topped earnings and revenue expectations Monday while upping its full-year forecast. The company posted net income of $263.6 million, or 89 cents a share, up from $37.3 million, or 12 cents a share, in the year-earlier quarter. On an adjusted basis, Global Payments earned $2.04 a share, up from $1.31 a share a year prior and ahead of the FactSet consensus, which called for $1.90 a share. Global Payments posted revenue of $2.14 billion, compared with $1.67 billion a year prior. Analysts tracked by FactSet were anticipating $2.03 billion in GAAP revenue. The company now expects full-year adjusted earnings per share of $8.07 to $8.20, up from a prior expectations of $7.87 to $8.07. “Our business accelerated meaningfully in the second quarter of 2021, demonstrating significant ongoing momentum,” Chief Executive Jeff Sloan said in a release. The company increased its share-repurchase authorization to $1.5 billion. Global Payments shares are up 0.9% in premarket trading Monday. They’ve fallen 9.9% over the past three months as the S&P 500 SPX has risen 5.1%.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.

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