March 27, 2008 / 9:22 PM / in 9 years

UPDATE 1-Global Payments Q3 beats Wall Street view

(Recasts; adds details)

March 27 (Reuters) - Global Payments Inc (GPN.N), which processes online credit card transactions, posted quarterly results that topped market estimates on strong performance by its merchant services segment, and raised its 2008 profit view.

For the third quarter, the company earned $40.1 million, or 50 cents a share, compared with $34.3 million, or 42 cents a share, a year earlier.

Excluding items, it earned 44 cents a share, beating analysts’ average forecast of 42 cents, according to Reuters Estimates.

Revenue rose 19 percent to $310.6 million. Analysts expected $301.3 million.

The Atlanta-based company said merchant services revenue rose 21 percent to $276.7 million.

“Our growth also continues to benefit from favorable currency exchange rates in both Canada and the Czech Republic,” Chief Executive Paul Garcia said in a statement.

For 2008, Global Payments sees earnings of $1.95 to $1.97 a share, on revenue of $1.25 billion to $1.26 billion.

In January, it had forecast earnings of $1.89 to $1.96 a share, on revenue of $1.23 billion to $1.26 billion for the year.

Analysts, on average, were expecting earnings of $1.94 per share, before items, on revenue of $1.24 billion.

Shares of the company were trading at $40 after the bell. They had closed at $39.63 Thursday on New York Stock Exchange. (Reporting by Ratul Ray Chaudhuri in Bangalore; Editing by Deepak Kannan)

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