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Jack Henry sees annual profit above estimates on strong fintech demand
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Jack Henry sees annual profit above estimates on strong fintech demand
Aug 20, 2024 3:04 PM

Aug 20 (Reuters) - Jack Henry forecast fiscal

2025 profit above Wall Street estimates on Tuesday, on resilient

demand for the financial technology company's products and

services.

Robust demand despite an uncertain economic backdrop has

powered growth for financial technology and payments companies

in areas such as lending, consulting, payments, and digital

banking.

"We produced record revenue and operating income in fiscal

year 2024 along with our highest-ever sales bookings in both the

fourth quarter and fiscal year. Technology spending remains

robust with significant demand," said CEO Greg Adelson in a

statement.

Jack Henry sees fiscal 2025 profit per share between $5.78

and $5.87. Analysts on average had expected $5.76 per share,

according to LSEG data.

The Monett, Missouri-based company, which provides software

and services primarily to banks, credit unions, and other

financial institutions, said revenue rose 4.7% to $559.9 million

in the April-to-June period.

Services and support revenue increased 1.5% in the reported

quarter primarily driven by growth in data processing and

hosting revenue, while processing revenue climbed 9.2%.

The company reported net income of $1.38 per share in the

quarter ended June 30, compared with $1.34 per share a year

earlier.

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