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Shift4 Payments shares rise after payment-processor reports higher revenue, profit

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Shares of Shift4 Payments Inc., a Lehigh County-based payment-processer, rose Thursday after the company reported second-quarter revenue and earnings that exceeded last year's numbers.

Shift4 said revenue in the quarter ended June 30 was $506.7 million, up 44% from the year-ago quarter. Net income was $10.3 million, more than three times as much as last year.

Adjusted earnings were 33 cents per share, above the consensus estimate of 26 cents from Zacks Investment Research.

The company reiterated its gross revenue forecast for the year of $1.9 billion to $2 billion, and raised its forecast for adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) to $255 million to $265 million. Industry analysts use EBITDA, a measure of profitability, as a way to compare the operations of companies by excluding some financial items.

Jared Isaacman, chief executive officer and founder, said in a statement that the company's share price does not reflect its prospects.

"This business momentum is a stark contrast to our share price, which we believe has suffered disproportionately as public equity markets seek to assign value to an uncertain economy, particularly as a profitable company, with expanding adjusted free cash flow and an enviable balance sheet in the middle of our 23rd consecutive year of revenue growth," he said in a statement to shareholders.

Shift4 handles payment processing for many businesses and organizations, including major league sports teams and venues. This year, it has added the Wells Fargo Center in Philadelphia to its customer base, along with National Football League teams the Tennessee Titans and Arizona Cardinals, among others.

Forbes estimates Isaacman's real-time net worth as of Thursday at $1.4 billion. Today's move up in the stock added about $74 million to the 39-year-old's holdings.

Hanover Township, Lehigh County-based Shift4 trades on the New York Stock Exchange under the ticker FOUR. Shares rose $2.65, or 6.5% percent, today to $43.15.

In the last 52 weeks, Shift4 has traded as high as $92.65 and as low as $29.39.


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