UPDATE 1-Global Payments Q2 profit tops Street, ups FY outlook

Thu Jan 6, 2011 4:49pm EST

* Q2 normalized EPS from cont ops $0.70 vs est $0.67

* Revenue up 8 pct to $443.5 mln

* Sees FY 2011 cash EPS from cont ops $2.95-$3.06

* Sees FY 2011 rev $1.78-$1.82 bln

Jan 6 (Reuters) - Credit card processor Global Payments Inc (GPN.N) posted a better-than-expected quarterly profit, helped by a rise in revenue from its North America merchant services, and raised its forecast for the fiscal.

The company expects earnings from continuing operations on a cash basis of $2.95-$3.06, and revenue of $1.78-$1.82 billion for fiscal 2011. For the second quarter ended Nov. 30, the company reported earnings of $53.5 million, or 67 cents a share, compared with $62.8 million, or 76 cents a share last year.

Normalized earnings from continuing operations were 70 cents a share, Atlanta-based Global Payments said.

Revenue grew 8 percent to $443.5 million. North America merchant services revenue climbed 9 percent to $327.1 million.

Analysts on average were looking for a profit of 67 cents a share, before items, on revenue of $435.2 million, according to Thomson Reuters I/B/E/S.

Shares of the company were up about 1 percent in trading after the bell. The stock, which has risen about 9 percent since the company reported its first-quarter results in October, closed at $45.92 on Thursday on the New York Stock Exchange.

For all the alerts, please double-click [ID:nASA01CFJ] (Reporting by Brenton Cordeiro in Bangalore; Editing by Anne Pallivathuckal)

Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.