Global Payments Inc (NYSE:GPN) stock fell 0.85% (As on November 1, 12:03:52 AM UTC-4, Source: Google Finance) after the company posted mixed result for the third quarter of FY 22. The quarterly results were hampered by elevated operating costs resulting from higher selling, general and administrative expenses. However, the downside was partly offset by sound contributions from its Merchant and Issuer businesses. Adjusted operating income of $930.6 million grew 8.8% year over year in the third quarter. Adjusted operating margin of 45.2% improved 240 basis points (bps) year over year in the quarter under review. Meanwhile, the business-to-business part is integrated into the Issuer Solutions segment, while the consumer unit is attached to the Consumer Solutions segment. Subsequently, the three reportable segments emerged as Merchant Solutions, Issuer Solutions and Consumer Solutions from the third quarter of 2022. Global Payments exited the third quarter with cash and cash equivalents of $1,993.8 million, up 0.7% from the 2021-end level. Total assets of $43.9 billion declined 3% from the level at the 2021 end. Long-term debt amounting to $12.3 billion increased 7.7% from the figure as of Dec 31, 2021. The current portion of long-term debt was $1,157.8 million at the third-quarter-end. Total equity fell 11.6% from the 2021-end level to $22.9 billion.

GPN in the third quarter of FY 22 has reported the adjusted earnings per share of $2.48, missing the analysts’ estimates for the adjusted earnings per share of $2.49. The company had reported the adjusted revenue growth of 3 percent to $2.06 billion in the third quarter of FY 22, beating the analysts’ estimates for revenue of $2.05 billion.

Moreover, Merchant Solutions’ adjusted revenues of $1,450 million rose 6.8% year over year on 11% global constant currency volume growth, excluding the impact of the exit of the Russia business. The figure came lower than the Zacks Consensus Estimate of $1,481 million. Adjusted operating income advanced 8.2% year over year to $724.4 million. Issuer Solutions’ adjusted revenues of the segment amounted to $489.1  million, which inched up 1.7% year over year in the third quarter. The figure stood lower than the consensus mark of $497 million. The segment’s results were driven by commercial card transaction growth of 25%. Adjusted operating income grew 9% year over year to $226.8 million. Consumer Solutions’ adjusted revenues of $142.6 million, down 22.3% year over year in the quarter under review. Adjusted operating income of $54 million climbed 24.2% year over year.