Global Payments 1Q Profit Up Less Than 1 Pct

ATLANTA (AP) — Global Payments Inc. said Thursday its fiscal first-quarter profit rose by less than a percent as sales rose but currency comparisons crimped profit.

The Atlanta-based processor of electronic payments earned $57.8 million, or 71 cents per share, in the three months that ended Aug. 31. That compares to $57.5 million, or 71 cents per share, a year earlier.

Analysts polled by Thomson Reuters had expected 65 cents per share in quarterly profit.

The company said its results were hurt by unfavorable currency comparisons.

Revenue rose 8.8 percent to $441.3 million from $405.8 million.

The company also reiterated it would earn 2010 profit in a range of $2.43 to $2.54.

Global Payments shares fell 54 cents to close at $46.16.