Global Payments (NYSE:GPN) boosted its full-year guidance for profit and revenue after the company delivered better-than-expected Q1 results.
GPN posted EPS of $2.40 on revenue of $2.29 billion, topping the consensus at $2.31 on revenue of $2.01B.
“We are pleased to have delivered our best first quarter in four years, exceeding our expectations to start 2023,” said Jeff Sloan, chief executive officer.
Sales rose 5% year-over-year as the company’s biggest business - Merchant Solutions - saw its revenue increase by 8.9% YoY.
“Both of our key businesses posted exceptional results. Our merchant business proved highly resilient as we saw accelerated growth across a number of worldwide markets and ongoing stability despite incremental macroeconomic distractions.”
The full-year profit outlook is now raised to the $10.32-$10.44 range, beating the consensus at $10.31. Revenue is seen at $8.63B-$8.74B, again above the $8.6B forecast.
The company also announced that Jeffrey Sloan is stepping down as chief executive officer and a member of the Board, effective June 1, 2023. He will be succeeded by Cameron Bready, currently president and chief operating officer of Global Payments.