Global Payments Q1 Profit Rises; Lifts FY14 EPS Outlook - Quick Facts

(RTTNews) - Global Payments Inc. (GPN) reported first-quarter net income of $64.6 million, or $0.87 per share, compared to $46.7 million, or $0.59 per share in the comparable quarter last year.

Cash earnings for the quarter were $74.2 million, or $1.00 per share, compared with $68.8 million, or $0.87 per share a year ago. Analysts polled by Thomson Reuters estimated earnings of $0.95 per share for the quarter. Analysts' estimates typically exclude special items.

Quarterly revenues were $629.69 million, up 7% from $590.29 million in the prior year, while 26 analysts expected revenues of $623.79 million.

Looking ahead to the fiscal year 2014, the company increased its net earnings to a range of $3.40 to $3.47 per share, from its previous range of $3.35 to $3.42 per share and cash earnings to a range of $3.98 to $4.05 per share from its prior estimate of $3.93 to $4.00 per share. Analysts currently expect earnings of $3.94 per share for 2014.

The company continues to expect fiscal year 2014 revenues of $2.51 billion to $2.56 billion. Analysts currently expect revenues of $2.52 billion for 2014.

Separately, the company announced that its President, Jeffrey Sloan has been named as the company's Chief Executive Officer or CEO, effective immediately.

The company said Sloan succeeds Paul Garcia, who has been Global Payments' Chief Executive Officer since June 1999 and Chairman since October 2002.

Commenting on Sloan, the company said he has been responsible for the Americas' businesses and worldwide mergers and acquisitions strategy since he joined Global Payments in 2010. Prior to joining Global Payments in 2010, Sloan spent 12 years at Goldman, Sachs & Co., serving as a partner for six years with responsibility for developing the firm's worldwide payments practice in investment banking.