What: Shares of Global Payments Inc. (NYSE:GPN) rallied by as much as 11.6% today, closing up just about 11% on the day. The jump in share price came on the back of a strong earnings report and an increase in its outlook for fiscal 2016.

So what: Global Payments reported that its adjusted net revenue grew 8% over the year-ago period. Cash diluted earnings per share jumped 25% year over year to $1.57, helped by a combination of rising sales, growing margins, and share repurchases.

The company's results in its first quarter of fiscal 2016 led it to increase its outlook for the full fiscal year. Global Payments now expects diluted cash earnings per share in a range of $5.77 to $5.92 for the full fiscal year 2016, a 14-17% increase over fiscal 2015. Last quarter, Global Payments aimed for cash earnings in the range of $5.60 to $5.78.

Now what: On the conference call, Global Payments management noted that its new outlook range included "stronger [foreign exchange] headwinds for the year," with the hint that results would be better than it currently projects if Canadian, Australian, and Indian currencies stabilized during its 2016 fiscal year.

The company remained upbeat about its international operations. Executives told analysts that the company was pursuing more acquisitions and partnerships, similar to a European deal it signed last quarter to purchase a majority stake in a merchant acquirer, and that it thought it could continue to acquire business while repurchasing shares. Notably, the company upped its repurchase authorization by $300 million, to $403 million, last quarter.

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