Year-over-year gains in total revenue and net income marked a strong first quarter for Planet Payment.
The Long Beach-based provider of international payment, transaction-processing and currency-processing services reported earnings of $1.8 million for the quarter ended March 31, leading to adjusted earnings-per-share of 3 cents.
Total revenue in the first quarter was $13.7 million, the company said Wednesday, a 13 percent increase over reported revenues in 1Q 2015. Quarterly net income also rose year-over-year, from $1.7 million to $1.8 million.
Among the highlights of Planet Payment’s first quarter were a new Pay in Your Currency agreement with India’s HDFC Bank, execution of a previous Pay in Your Currency deal with Moneris Solutions – Canada’s largest processor of credit card payments – and continued rollout of Pay in Your Currency services with Mexico’s Grupo Financiero Banorte.
Pay in Your Currency is Planet Payment’s premier “dynamic currency conversion” service, allowing international travelers to enjoy the convenience of paying in their domestic currency when they travel abroad.
Planet Payment also executed a new agreement with Visa to deliver end-to-end processing solutions to acquirers in “emerging and frontier markets,” according to a release that also reaffirmed the company’s fiscal outlook for the remainder of 2016 – including previous revenue predictions of $57 million to $59.2 million and previous income estimates of $8.6 million to $9.6 million.
Planet Payment also foresees year-end diluted earnings per share in the 15 cents to 17 cents range.
Between Jan. 1 and March 9, the company repurchased approximately 1.3 million shares of common stock at an aggregate price of $3.6 million; on April 12, it repurchased an additional 3.9 million shares for approximately $13.9 million.
Carl Williams, Planet Payment’s chairman and CEO, credited the strong quarter – and his company’s bright outlook – to robust international business, and said his company remains committed “to the execution of our strategic plan, which has placed Planet Payment on a path for strong and predictable revenue growth and increasing profitability.”
“Based on the results of Q1, our pipeline of new and existing customer roll-out and strong cross-border activity, we remain confident in achieving our goals,” Williams said in a statement.