Jack Henry lifts annual profit forecast on robust demand for fintech products

(Reuters) - Fintech firm Jack Henry & Associates on Tuesday raised its full-year profit forecast and reported a near 7% rise in third-quarter profit, helped by a strong performance in its processing as well as services and support segments.

Financial technology and payments companies' products, which include lending, consulting, payments and digital banking, have seen resilient demand against an uncertain economic backdrop.

The company now expects 2024 earnings per share to be between $5.15 and $5.19, up from its prior forecast of $5.09 to $5.13.

Monett, Missouri-based Jack Henry provides technology solutions and payment processing services primarily to community and regional financial institutions.

"Our sales teams produced a record third quarter for sales bookings, and our sales pipeline remains near its all-time high," CEO David Foss said in a statement.

Jack Henry's services and support revenue rose 4.5% to about $305 million from a year earlier, while processing revenue jumped 7.8% to $233.5 million.

The company's net income rose to $87.1 million, or $1.19 per share, in the three months ended March 31, from $81.5 million, or $1.12 per share, a year earlier.

(Reporting by Pritam Biswas and by Arasu Kannagi Basil in Bengaluru; Editing by Shailesh Kuber)