The company also beat second-quarter profit estimates as consumer spending grew on hopes the U.S. economy would manage a soft landing, escaping a recession despite a tighter monetary policy to curb inflation.
Separately, the company’s board approved a new $3 billion share repurchase, which FIS expects to complete by the end of 2024.
FIS now expects annual adjusted profit between $5.03 and $5.11 per share, higher than its previous forecast of $4.88 to $4.98 and analysts’ estimate of $4.96, as per LSEG data.
It also forecast higher-than-expected third quarter adjusted profit at $1.27 to $1.31 per share, compared with LSEG estimates of $1.26.
For the second quarter ended June 30, FIS reported $754 million in adjusted net income from continuing operations, or $1.36 per share, compared with $454 million, or 76 cents per share, a year earlier.
Analysts had expected a profit of $1.23 per share.
Revenue from the banking solutions business, which offers core processing and transaction processing software to financial institutions, rose 3% from a year earlier to $1.71 billion in the quarter.
Source: Economy - investing.com
