Jack Henry's profit rises on higher demand for fintech products

Jack Henry & Associates

06/02/2024 23:31

Feb 6 (Reuters) - Fintech firm Jack Henry & Associates
 JKHY.O  on Tuesday raised its full-year profit forecast and
reported a rise in second-quarter earnings, helped by steady
growth in its processing as well as services and support
segments.
    Demand for financial technology has remained robust as small
and mid-sized institutions try to keep up with the increasing
digital prowess of big banks. 
    Monett, Missouri-based Jack Henry provides technology
solutions and payment processing services primarily to community
and regional financial institutions.
    The company forecast 2024 earnings per share in the range of
$5.09 to $5.13, above its previous forecast between $4.98 and
$5.04. 
    For the second quarter ended Dec. 31, the company posted net
income of $1.26 per share, compared with $1.10 per share a year
earlier.
    Jack Henry's services and support revenue rose 7.3% from a
year earlier to about $312 million, while processing revenue
increased 8.9% to $233.71 million. 
    Last month, Jack Henry announced that its CEO David Foss
would retire on June 30 and Chief Operating Officer Greg Adelson
would take up the mantle starting July 1.

 (Reporting by Pritam Biswas and Arasu Kannagi Basil in
Bengaluru; Editing by Shinjini Ganguli)
 ((ArasuKannagi.Basil@thomsonreuters.com;))