Global Payments Inc. shares are trading lower after the company reported first-quarter financial results.

Global Payments ( GPN ) reported adjusted earnings per share of $2.59, beating the street view of $2.57. 

Quarterly adjusted revenue of $2.184 billion beat the street view of $2.176 billion. Adjusted net revenues increased 7% year over year.

Adjusted operating margin expanded 40 basis points to 43.5%.

Dividend: The company approved a dividend of $0.25 per share payable on June 28 to shareholders of record as of June 14.

Outlook: The company continues to expect FY24 adjusted net revenue of $9.17 billion-$9.30 billion versus the $9.24 estimate, reflecting growth of 6% to 7%.

Adjusted EPS to range from $11.54-$11.70 versus the $11.59 estimate, reflecting growth of 11% to 12% over 2023. 

Josh Whipple, Senior Executive Vice President and Chief Financial Officer, said, “While trends in the business remain stable, our outlook continues to reflect the potential for a slightly more tempered economic environment than we saw in 2023.”

Price Action: GPN shares are trading lower by 11.1% to $109.20 at last check Wednesday.