Global Payments Reports Results for First Quarter 2019
and Increases 2019 Outlook
ATLANTA, May 2, 2019 -- Global Payments Inc. (NYSE: GPN) today announced results for the first quarter ended March 31, 2019.
“2019 is off to a terrific start as we delivered double digit growth in the first quarter, demonstrating the ongoing durability and resiliency of our differentiated business model,” said Jeff Sloan, Chief Executive Officer. “We continue to expand our competitive moat through a balanced technology-enabled strategy across multiple vertical markets, virtual and physical payment worlds and faster growth geographies."
“The success of these investments is clearly evident in our largest target addressable markets, such as restaurants and food service, in which our payment and software capabilities span the full spectrum of merchant sizes and provide our customers with end-to-end technology solutions to better manage their businesses,” Sloan continued.
First Quarter 2019 Summary
GAAP revenues were $883.0 million, compared to $795.0 million in the first quarter of 2018; diluted earnings per share were $0.71 compared to $0.57 in the prior year; and operating margin was 22.6% compared to 19.6% in 2018.
Adjusted net revenue plus network fees grew 12.9% to $1.043 billion, compared to $924.3 million in 2018.
Adjusted earnings per share grew 18.6% to $1.34, compared to $1.13 in 2018.
Adjusted operating margin expanded 110 basis points to 31.5%.
“We are pleased with the outstanding financial results we delivered for the first quarter, despite the impact of adverse foreign currency exchange rates,” stated Cameron Bready, Senior Executive Vice President and Chief Financial Officer. “This strong execution and performance provides us with confidence in our increased financial outlook for the full year. The company now expects adjusted net revenue plus network fees to range from $4.44 billion to $4.49 billion, reflecting growth of 12% to 13%, or 14% to 15% on a constant currency basis, over 2018 results and adjusted earnings per share to be in a range of $5.95 to $6.12, reflecting growth of 15% to 18% over 2018. Annual adjusted operating margin for 2019 is now expected to expand by up to 80 basis points.”
The following information was filed by Global Payments Inc (GPN) on Thursday, May 2, 2019 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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Ticker: GPN CIK: 1123360 Form Type:10-Q Quarterly Report Accession Number: 0001123360-19-000016 Submitted to the SEC: Thu May 02 2019 9:15:57 AM EST Accepted by the SEC: Thu May 02 2019 Period: Sunday, March 31, 2019 Industry: Business Services