Global Payments forecasts full-year profit above estimates on strong spending

(Reuters) - Global Payments forecast better-than-expected profit for 2024 on Wednesday, as a strong labor market boosts consumer spending.

Payment technology companies have largely downplayed worries of a spending slowdown despite higher-for-longer rates and elevated inflation as finances of most U.S. consumers remain healthy.

Global Payments forecast full-year adjusted profit between $11.54 and $11.70 per share, largely above analysts' average estimate of $11.59 per share, according to data from LSEG.

Last week, Visa, the world's largest payments processor, posted second-quarter profit that sailed past analysts' estimates on the back of strong e-commerce trends.

Global Payments forecast 2024 adjusted net revenue between $9.17 billion and $9.30 billion, broadly in line with analysts' average estimate of $9.24 billion.

On an adjusted basis, the Atlanta-based company earned $2.59 per share in the three months ended March, beating analysts' average estimate of $2.57.

(Reporting by Mehnaz Yasmin and Pritam Biswas in Bengaluru; Editing by Shinjini Ganguli)

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