- Global Payments Inc (NYSE: GPN) reported first-quarter FY22 adjusted net revenue growth of 8% year-on-year to $1.95 billion, missing the consensus of $1.96 billion.
- The adjusted operating margin expanded 50 basis points to 41.1%.
- Adjusted EPS of $2.07 beat the consensus of $2.04.
- Global Payments held $2.05 billion in cash and equivalents and generated $630 million in operating cash flow.
- CEO Jeff Sloan said, "We are especially pleased with the results for our Merchant Solutions business, which again demonstrated ongoing momentum as our strategies for differentiated growth continue to win in the marketplace."
- Sloan continued, "We are delighted to announce that Caixabank has now signed a letter of intent memorializing Global Payments as its technology partner for its card-issuing businesses following our selection as the finalist company early in 2022."
- Dividend: The board approved a dividend of $0.25 per share, payable June 24, 2022, to shareholders of record as of June 10, 2022.
- Outlook: Global Payments continues to expect FY22 adjusted net revenue of $8.42 billion - $8.50 billion, versus the consensus of $8.46 billion.
- Global Payments' adjusted EPS outlook is unchanged at $9.45 - $9.67, versus the consensus of $9.49.
- Price Action: GPN shares traded lower by 11.1% at $121.79 on the last check Monday.
Read at Benzinga