Global Payments Inc. (NYSE: GPN) said on Monday that its profit in the fiscal fourth quarter came in better than expected and indicated a new strategic partnership with Google. CEO Jeff Sloan of Global Payments commented on the company’s collaboration with Google on Monday and said:
“We are delighted to embark on this transformational journey with Google to further enhance our industry-leading merchant solutions ecosystem with additional scale, reach and speed of market to seamlessly deliver new innovative, digital technologies to customers worldwide. This unique partnership will accelerate our technology-enabled, software-driven strategy and further enhance our position as the partner of choice for all manner of merchants worldwide.”
Global Payments’ Q4 financial results versus analysts’ estimates
Global Payments said its net income in the fourth quarter printed at £133.19 million that translates to 44.40 pence per share. In the comparable quarter of last year, it had reported a much lower £74.97 million of net income or 24.75 pence per share.
The fintech company said it earned £1.31 per share in Q4 on an adjusted basis versus the year-ago figure of £1.18 per share. Global Payments said that it generated £1.40 billion of revenue in the recent quarter as compared to a higher £1.45 billion in the same quarter last year.
According to FactSet, experts had forecast the company to post £1.38 billion of revenue in the fourth quarter. Their estimate for adjusted per-share earnings stood at £1.28. In October 2020, Global Payments had expressed plans of offloading Netspend for over £1.55 billion.
Global Payments’ guidance for the full financial year
For the full financial year, Global Payments now forecasts its adjusted net revenue to fall in the range of £5.46 billion to £5.53 billion. The American company expects up to £5.86 per share of annual adjusted earnings. In comparison, analysts are calling for £5.52 billion of full-year revenue for Global Payments and £5.82 per share of annual adjusted earnings.
As per the Atlanta-based company, its board authorised an increase in its share buyback programme on Monday, pushing the total available amount up to £1.09 billion.
Global Payments is currently more than 3% down year to date in the stock market. Its performance in 2020, on the contrary, was fairly upbeat with an annual increase of more than 15%. At the time of writing, the American financial technology services company has a market cap of £43.55 billion and has a price to earnings ratio of 119.31.
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