Q1 results of Global Payments beat expectations of experts

First quarter results were recently reported by Global Payments Inc., a provider of electronic payment processing services. The profits of the company rose 32% on increased sales in North America, added business from an acquisition in the United Kingdom and favorable currency exchange rates.

Thus the profits increased to $57.5 million, or 71 cents a share for the quarter ended Aug. 31, from $43.6 million, or 54 cents a share a year ago. Sales jumped 30% to $405.8 million compared with $311 million in 2007. Analysts forecasted a profit of cents a share and sales of $395.7 million.

Fiscal 2009 annual guidance was also raised by the company. Revenue was raised to a range of $1.64 billion to $1.68 billion, which compared with the $1.27 billion in fiscal 2008.

Earnings estimates were increased to a range of $2.37 to $2.45, compared with $1.98 in 2008, excluding one-time charges.

Shares rose $2.94 to $44 in aftermarket trading. The stock closed at $41.06 on Thursday.