Jack Henry (JKHY) Q1 Earnings Beat Estimates, Revenue Improves Y/Y
Jack Henry (JKHY) Q1 Earnings and Revenue Beat Estimates.
The company reported EPS of $1.09, beating the Zacks Consensus Estimate of $1.02.
Revenue came in at $434.9 million, above the consensus mark of $432.5 million.
Both GAAP and non-GAAP EPS increased year-over-year.
Total revenue rose 8.4% year-over-year to $434.9 million.
The company raised its guidance for fiscal 2024.
Jack Henry (JKHY) Q1 Earnings and Revenue Beat Estimates.
The company reported EPS of $1.09, beating the Zacks Consensus Estimate of $1.02.
Revenue came in at $434.9 million, above the consensus mark of $432.5 million.
Both GAAP and non-GAAP EPS increased year-over-year.
Total revenue rose 8.4% year-over-year to $434.9 million.
The company raised its guidance for fiscal 2024.
Jack Henry (JKHY) Q1 Earnings Beat Estimates, Revenue Improves Y/Y
Jack Henry & Associates, Inc. (JKHY) recently released its report for the first quarter of fiscal 2023, revealing earnings per share that outperformed Zacks Consensus estimates. Despite a decrease in the bottom line compared to the year-ago fiscal quarter, the report indicated improvements in revenue.
Total revenue for the quarter was $473.9 million, surpassing the Zacks Consensus Estimate of $466 million. This represented an increase of 7.7% compared to the $439.6 million reported in the year-ago fiscal quarter. The growth was primarily driven by an increase in service support revenue and solid growth in processing revenue.
Service support revenue, which accounted for 62% of total revenue, increased to $294.4 million from $263.6 million in the year-ago fiscal quarter. This $30.8 million increase was attributed to higher data processing hosting fees, increased hardware and software usage/subscription revenue, and a positive contribution from the process category.
Jack Henry’s card revenue and payment processing revenue also contributed to the company’s top-line growth. Card revenue grew 11.4% year-over-year to $109.3 million, while payment processing revenue increased by 12.5% to $58.6 million.
The company’s total operating expenses rose 9.7% to $384.7 million compared to the prior-year fiscal quarter. This increase was primarily due to higher direct costs and personnel costs, including benefit expenses related to the Payrailz acquisition.
For fiscal 2023, Jack Henry raised its guidance for GAAP revenue to a range of $1.875 billion to $1.925 billion, with the Zacks Consensus Estimate for revenue pegged at $1.892 billion. The company also revised its guidance for non-GAAP revenue to a range of $1.785 billion to $1.835 billion. Additionally, management raised its guidance for earnings per share, with the Zacks Consensus Estimate for earnings pegged at $5.96 per share.