WASHINGTON (dpa-AFX) - Payments technology company Global Payments Inc. (GPN), after reporting a loss in its first quarter compared to prior year's profit, despite higher revenues, on Monday raised fiscal 2023 forecast citing continuing momentum.
The company now expects adjusted earnings per share to be in a range of $10.32 to $10.44, reflecting growth of 11 percent to 12 percent over 2022. Previously, the company expected adjusted earnings in a range of $10.25 to $10.37 per share, a growth of 10 percent to 11 percent.
Adjusted earnings per share would increase 16 percent to 17 percent excluding dispositions.
Adjusted net revenue is now expected to be in a range of $8.635 billion to $8.735 billion, reflecting growth of 7 percent to 8 percent over 2022, compared to earlier view of $8.575 billion and $8.675 billion, an increase from 6 percent to 7 percent.
On average, analysts polled by Thomson Reuters expect the company to report earnings of $10.27 per share on revenues of $8.66 billion for the year. Analysts' estimates typically exclude special items.
For fiscal 2023, the company was projecting adjusted earnings in a range of $10.25 to $10.37 per share on adjusted net revenues between $8.575 billion and $8.675 billion.
Further, Global Payments continues to expect adjusted operating margin for 2023 to expand by up to 120 basis points.
Josh Whipple, Senior Executive Vice President and Chief Financial Officer, said, 'Our 2023 outlook reflects the now completed execution of all three of our previously announced strategic transactions and assumes a worldwide macroeconomic backdrop that is consistent with the current environment throughout the remainder of the calendar year.'
Global Payments' Board of Directors approved a dividend of $0.25 per share payable June 30 to shareholders of record as of June 15.
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