Jack Henry shares experienced a significant decline, dropping 9% to $153.94, following the company’s release of their 2024 guidance, which fell short of analysts’ projections.
Earnings and Revenue Forecast
According to Jack Henry, they anticipate earnings in the range of $4.92 to $4.99 per share for 2024, while analysts were predicting earnings of $5.32 per share.
Similarly, the company’s projected revenue for 2024 is expected to reach $2.21 billion to $2.23 billion, exceeding analysts’ expectations of $2.19 billion.
Quarterly Performance Highlights
In the previous quarter, Jack Henry reported earnings of $97.8 million, representing $1.34 per share. In comparison, the same quarter in the previous year saw earnings of $80.4 million, equivalent to $1.10 per share. Analysts surveyed by FactSet had forecasted earnings of $86.6 million, or $1.19 a share.
Quarterly revenue also demonstrated growth, amounting to $534.6 million. This figure surpassed both last year’s revenue of $482.7 million and the anticipated revenue of $512.8 million.
Cash and Cash Equivalents
As of June 30, Jack Henry’s cash and cash equivalents decreased from $49 million in June 2022 to $12 million.