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Jack Henry lifts annual profit forecast on robust demand for fintech products
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Jack Henry lifts annual profit forecast on robust demand for fintech products
May 7, 2024 2:34 PM

May 7 (Reuters) - Fintech firm Jack Henry & Associates ( JKHY )

on Tuesday raised its full-year profit forecast and

reported a near 7% rise in third-quarter profit, helped by a

strong performance in its processing as well as services and

support segments.

Financial technology and payments companies' products, which

include lending, consulting, payments and digital banking, have

seen resilient demand against an uncertain economic backdrop.

The company now expects 2024 earnings per share to be

between $5.15 and $5.19, up from its prior forecast of $5.09 to

$5.13.

Monett, Missouri-based Jack Henry provides technology

solutions and payment processing services primarily to community

and regional financial institutions.

"Our sales teams produced a record third quarter for sales

bookings, and our sales pipeline remains near its all-time

high," CEO David Foss said in a statement.

Jack Henry's services and support revenue rose 4.5% to about

$305 million from a year earlier, while processing revenue

jumped 7.8% to $233.5 million.

The company's net income rose to $87.1 million, or $1.19 per

share, in the three months ended March 31, from $81.5 million,

or $1.12 per share, a year earlier.

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