: Global Payments tops earnings expectations, nudges up full-year profit outlook, and stock gains

Shares of Global Payments Inc. GPN rose 0.9% in premarket trading Tuesday, after the payments technology company reported second-quarter earnings that beat expectations and nudged up its full-year outlook. The company swung to net income of $274.1 million, or $1.05 a share, from a loss of $673.0 million, or $2.42 a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share rose 11% to $2.62 to beat the FactSet consensus of $2.59. Revenue grew 7.5% to $2.45 billion, above the FactSet consensus of $2.19 billion. For 2023, the company revised its guidance range for adjusted EPS a little higher, to $10.35 to $10.44 from $10.32 to $10.44. “Our 2023 outlook reflects the continued momentum we are seeing in our business, while also accommodating the potential for a more tempered macroeconomic environment over the remainder of the year,” said Chief Financial Officer Josh Whipple. The stock has tacked on 11.0% year to date through Monday, while the S&P 500 SPX has advanced 19.5%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.