ACI Worldwide says Q1 revenue will hit targets, withdraws 2020 outlook
ACI Worldwide is suspending its 2020 annual guidance due to the COVID-19 pandemic, but expects first quarter revenue to hit previously announced estimates.
The Naples, Florida-based payments company projects first quarter revenue will be more than $290 million, falling within the initial projected range of $285 million to $295 million, according to a press release.
"I am pleased to announce preliminary Q1 results with revenue in the upper half of our guidance range," Odilon Almeida, president and CEO of ACI Worldwide, said in the release. "While COVID-19 presents challenges and uncertainty, digital payments are more critical than ever, and we are fortunate to have a resilient business model with large contractual backlog, substantial recurring revenue, a very stable customer base, a strong presence in e-commerce payments and ample liquidity."
The company said it has taken actions and will continue to evaluate additional options to reduce expenses and minimize the impact of the coronavirus.