Global Payments Reports Results for Second Quarter 2019
and Increases 2019 Outlook
ATLANTA, July 30, 2019 -- Global Payments Inc. (NYSE: GPN) today announced results for the second quarter ended June 30, 2019.
"We are pleased to report double digit growth this quarter, an acceleration from terrific first quarter results and further validation of our technology-enabled strategies," said Jeff Sloan, Chief Executive Officer. "We also made substantial progress on our landmark partnership with TSYS announced in May, which we now expect to close as early as the beginning of the fourth quarter."
Sloan continued, "Our preliminary integration work with TSYS has reinforced our confidence in the value creation from the transaction, particularly the ability to drive significant revenue enhancements. We believe there are meaningful opportunities that are worldwide in scope across all three of TSYS' business segments. We look forward to a successful closing."
Second Quarter 2019 Summary
GAAP revenues were $935.2 million, compared to $833.2 million in the second quarter of 2018; diluted earnings per share were $0.77 compared to $0.68 in the prior year; and operating margin was 23.7% compared to 22.9% in 2018.
Adjusted net revenue plus network fees grew 13.4% to $1.114 billion, compared to $982.5 million in 2018.
Adjusted earnings per share grew 17.1% to $1.51, compared to $1.29 in 2018.
Adjusted operating margin expanded 100 basis points to 32.4%.
“We are delighted with our financial results for the second quarter and year-to-date period, which we delivered while simultaneously advancing our transformational merger with TSYS,” stated Cameron Bready, Senior Executive Vice President and Chief Financial Officer. “Our performance positions us well to exceed our expectations for the year, despite facing further incremental headwinds from foreign currency exchange rates.
“We continue to expect adjusted net revenue plus network fees to range from $4.44 billion to $4.49 billion, reflecting growth of 12% to 13%, which includes an incremental headwind of approximately 50 basis points from foreign currency relative to our May guidance. Despite this impact, we are increasing our outlook for adjusted earnings per share to a range of $6.00 to $6.15, reflecting growth of
The following information was filed by Global Payments Inc (GPN) on Tuesday, July 30, 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.
View differences made from one quarter to another to evaluate Global Payments Inc's financial trajectory
Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were removed, and by Global Payments Inc.
Ticker: GPN CIK: 1123360 Form Type:10-Q Quarterly Report Accession Number: 0001123360-19-000022 Submitted to the SEC: Tue Jul 30 2019 9:20:40 AM EST Accepted by the SEC: Tue Jul 30 2019 Period: Sunday, June 30, 2019 Industry: Business Services