(Reuters) - Fintech firm Jack Henry & Associates (NASDAQ:JKHY) on Tuesday raised its full-year profit forecast and reported a rise in second-quarter earnings, helped by steady growth in its processing as well as services and support segments.
Demand for financial technology has remained robust as small and mid-sized institutions try to keep up with the increasing digital prowess of big banks.
Monett, Missouri-based Jack Henry provides technology solutions and payment processing services primarily to community and regional financial institutions.
The company forecast 2024 earnings per share in the range of $5.09 to $5.13, above its previous forecast between $4.98 and $5.04.
For the second quarter ended Dec. 31, the company posted net income of $1.26 per share, compared with $1.10 per share a year earlier.
Jack Henry's services and support revenue rose 7.3% from a year earlier to about $312 million, while processing revenue increased 8.9% to $233.71 million.
Last month, Jack Henry announced that its CEO David Foss would retire on June 30 and Chief Operating Officer Greg Adelson would take up the mantle starting July 1.