Global Payments Jumps 3% After In-Line Q2, Increased Guidance

Global Payments (NYSE: GPN) is up more than three percent in after hours trading after the company announced its second quarter results.

The company reported a Q2 EPS of $1.02, which was in-line with Wall Street's expectations.

Earnings per share were up 10 percent from the year-ago period.

Revenue arrived at $634.1 million versus the Street estimate of $624.45 million. Sales were up eight percent year-over-year.

"We are pleased with our results for the quarter driven by strong business performance across all regions, and we now expect double digit cash earnings per share growth for our full-year," Jeff Sloan, President and CEO of Global Payments, said in a company release. "We are making substantial progress on our growth initiatives globally, and we remain focused on being the partner of choice."

Global Payments raised its FY2014 EPS guidance from $3.98 - $4.05 to $4.03 - $4.10 versus the Street estimate of $4.03.

Global Payments beat the Street's estimates during the first quarter as well. When its Q1 results were reported in October, Sloan was a newly appointed CEO. Investors were intrigued by his appointment back then, and they seem to be happy with the job he has done in the months that followed.

Disclosure: At the time of this writing, Louis Bedigian had no position in the equities mentioned in this report.