FIS Boosts FY24 Outlook - Update

(RTTNews) - While reporting financial results for the second quarter on Tuesday, financial services company FIS (FIS) raised its adjusted earnings and revenue guidance for the full-year 2024. The company also provided outlook for the third quarter.

For the third quarter, the company anticipates adjusted earnings in a range of $1.27 to $1.31 per share on revenues between $2.555 billion and $2.570 billion.

On average, analysts polled by Thomson Reuters expect the company to report earnings of $1.26 per share on revenues of $2.56 billion for the quarter. Analysts' estimates typically exclude special items.

Looking ahead to fiscal 2024, the company now projects adjusted earnings in a range of $5.03 to $5.11 per share on revenues between $10.12 billion and $10.17 billion.

Previously, the company expected adjusted earnings in the range of $4.88 to $4.98 per share on revenues between $10.10 billion and $10.15 billion.

The Street is looking for earnings of $4.96 per share on revenues of $11.14 billion for the year.

Last week, FIS' Board of Directors approved a new $3 billion share repurchase authorization. This authorization is in addition to the current outstanding share repurchase authorization, which is expected to complete by the end of 2024.

Further, the Company continues to target a dividend payout ratio of 35 percent of adjusted net earnings, excluding EMI.

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