TSYS profit surges nearly 24 percent to $142.4 million in second quarter

Momentum for global credit-card processor TSYS continued to build in the second quarter, with the firm posting a profit of $142.4 million, or 78 cents per share, on total revenue of $1 billion.

That profit, or net income, was up nearly 24 percent from $115 million, or 62 cents per share, from the same April-June period of 2017.

The company, headquartered in downtown Columbus, released its quarterly report Tuesday after the closing bell of the New York Stock Exchange. On the day, its shares slipped 73 cents to $92.57. The trading range for the firm’s stock is from a low of $62.10 per share to a high of $91.80.

“We were very pleased with the performance and momentum of the second quarter as all three of our segments continue to deliver exceptional results,” TSYS Chairman, President and Chief Executive Officer Troy Woods said in a statement from the earnings report. “This performance enables us to again raise our guidance for the year while continuing to invest for the long term in preparation for our solid pipeline of new business.”

Through the first six months of this year, TSYS has racked up a profit of $284.2 million on total revenues of just under $2 billion.

Financial highlights during the quarter included the reduction of $55 million in debt, with the company having lowered its debt load by $180 million thus far this year.

The firm also said its Issuer Solutions segment set an operating income record of $151.5 million in the three-month period, with it conducting just over 6 billion transactions. It also now has nearly 589 million traditional accounts on file.

The company also noted that it has renamed its prepaid card line of business “Consumer Solutions,” although the Netspend brand will continue to be used in marketing and other communication to customers. It noted the signing of a new pay card contract with a home furnishings retailer and renewed contracts with Family Dollar and Staffmark.

Non-financial highlights in the second quarter include being named to the Civic 50 list for the 5th time in a row, being chosen one of “America’s Best Employers” by Forbes, and topping the list of 25 largest financial-technology companies in Georgia by the Atlanta Business Chronicle.

TSYS, which employs about 12,000, does business in 13 countries, with it processing nearly 28 billion transactions in 2017. It generated revenues of $4.9 billion last year.

This story was originally published July 24, 2018 at 6:04 PM.