Total System Services Inc. said its income surged during the second quarter of 2017 based on continued revenues that totaled $1.2 billion, up 6.1% from $1.5 billion a year earlier.
“These results are all organic, as this is the first quarter that the TransFirst acquisition is in both quarters, reflecting the execution of our strategic goals,” M. Troy Woods, chairman and CEO of TSYS, said in a July 25 press release.
Net revenue during the quarter, excluding reimbursable items, interchange and assessment expenses reached $844.1 million, up 6.2% over $795 million last year, the Columbus, Ga.-based payments processor and technology provider said in the release.
Combined with a substantial reduction of its debt, TSYS’ revenues drove net income during the quarter of $115 million, up 65% compared with $69.7 million in 2016.
TSYS, which earlier this year completed a series of restructurings, saw its stock hit a new high on the eve of releasing its second quarter results, sparking speculation that the company could be an attractive target for acquisition.