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Global Payments raises fiscal 2013 profit outlook

ATLANTA (AP) -- Global Payments is raising its fiscal 2013 earnings forecast due to an accelerated share repurchase program.

Buying back stock can help increase a company's earnings per share.

Global Payments, an electronic payments processor, said Thursday that it now anticipates full-year adjusted earnings of $3.64 to $3.71 per share. Its prior guidance was for earnings between $3.61 and $3.68 per share.

Analysts expect full-year earnings of $3.69 per share, according to a FactSet poll.

Global Payments still foresees annual revenue in a range of $2.36 billion to $2.4 billion. Wall Street predicts revenue of $2.4 billion.

The revised earnings guidance was prompted by the company's accelerated repurchase agreement with Bank of America to buy back $125 million of its common stock. Global Payments Inc. will receive and retire about 2 million shares at the start of the accelerated repurchase program.

The Atlanta company said that the buyback is part of a program to repurchase up to $300 million of its shares. It expects all buybacks under the accelerated repurchase program will be completed by May 31.

Global Payments is expected to report its full-year financial results in July.