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UPDATE: Global Payments shares rise on earnings, outlook10-1-13 5:30 PM EDT
 

By Wallace Witkowski, MarketWatch

 

SAN FRANCISCO (MarketWatch) -- Global Payments Inc. shares rose in the extended session Tuesday after the company reported quarterly results above Wall Street estimates and boosted its outlook on plans for an accelerated share buyback.

 

Global Payments (GPN) shares rose 5.8% to $53.65 on moderate volume after the electronic transactions processor reported adjusted fiscal first-quarter earnings of $1 a share on revenue of $629.7 million. Analysts surveyed by FactSet expected earnings of 95 cents a share on revenue of $624.1 million.

 

The company also said it will launch a plan to buy back $100 million worth of shares this month. As a result, Global Payments bumped up its annual earnings outlook to a range of $3.98 to $4.05 a share on revenue of $2.51 billion to $2.56 billion. Analysts expect $3.97 a share on revenue of $2.53 billion.

 

Additionally, Global Payments announced company president Jeffrey Sloan will succeed Paul Garcia as chief executive, effective immediately.

 

Shares of Team Inc. (TISI) dropped 10% to $36 on light volume after the specialty industrial services provider cut its annual earnings guidance to a range of $1.55 to $1.85 a share on revenue of $765 million to $790 million. Analysts estimate $2 a share on revenue of $793.1 million. Quarterly results also fell short of Wall Street results.

 

Synergetics USA Inc. (VLFG) shares fell 5.8% to $4.70 on light volume as the medical device maker reported fiscal fourth-quarter earnings of 6 cents a share on revenue of $17.9 million. Analysts expected 5 cents a share on revenue of $17 million. The stock closed up nearly 10% in the regular session.

-Wallace Witkowski; 415-439-6400; AskNewswires@dowjones.com

 

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(END) Dow Jones Newswires

10-01-13 1730ET

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