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.