Citing strong execution across each of its businesses, Global Payments Inc. on Oct. 4 reported fiscal first-quarter revenue of $542.8 million, up 23.3% from $440.1 million during the same period last year.
Net income for the period ended Aug. 31 was up 29.6%, to $64 million from $49.4 million, the Atlanta-based merchant processor said. Diluted earnings per share rose 29.5%, to 79 cents from 61 cents.
U.S. revenue rose 12.4%, to $287.4 million from $255.6 million, while revenue from Canada grew 12.3%, to $91.2 million from $81.2 million.
Helped by the company’s entrance into Spain, revenue in Europe rose 75.3%, to $129.4 million from $73.8 million. Asia-Pacific revenue totaled $34.7 million, up 17.6% from $29.5 million.
"We delivered strong first quarter results, driven by continued solid execution across all of our businesses and the December 2010 addition of Spain,” Paul R. Garcia, Global Payment chairman and CEO, said in the company’s earnings release. “As a result of our strong performance and the completion of our $100 million share-repurchase program, we are raising our earnings expectations for the year. Furthermore, based on our core performance this quarter, we now expect overall total company cash-margin expansion of as much as 50 basis points in fiscal 2012."
