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Jack Henry profits grow 53% in fiscal 2018

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Citing benefits from federal tax reform, Jack Henry & Associates Inc. (Nasdaq: JKHY) reported a 53 percent increase in fiscal 2018 earnings to $376.6 million from $245.8 million a year earlier.

The Monett-based financial industry software firm posted diluted share earnings of $4.85, up from $3.14 for the year ended June 30, 2017, according to a news release.

“Our sales teams had an extremely strong fourth quarter across all product lines and have positioned us well as we begin the new fiscal year,” Jack Henry President and CEO David Foss said in the release. “We signed 20 new core customers in the quarter with almost all of them choosing the outsourced model, and we continue to see strong demand for Jack Henry's industry-leading core solutions.”

Fiscal 2018 financial notes:
    •    Revenue rose 7 percent to $1.5 billion from $1.4 billion in fiscal 2017.
    •    Operating income was up 7 percent to $392.4 million.
    •    Contributing to the full year was $85.3 million in fourth-quarter earnings, representing a 32 percent increase.

As of June 30, Jack Henry had assets of roughly $2 billion. The company has more than 9,000 customers, according to the release.

JKHY shares hit a new 52-week high of $152.54, as of 10:33 a.m., on its earnings report. The company’s 52-week low is $99.44.

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