Fiserv’s Earnings Still Growing

Pretty good.

Fiserv Inc. said its earnings from continuing operations increased in the first quarter, reflecting improved operating margins from the growth in sales of more profitable services.
The Brookfield-based provider of services and technology to the financial services industry reported income from continuing operations of $102 million, or 65 cents per share, compared with $99 million, or 60 cents per share, for the same period a year ago.
Continuing operations excludes the results of the firm’s 51-percent investment in the insurance business, which Fiserv (NASDAQ: FISV) sold in July 2008.
Revenue declined in the quarter to $1.04 billion from $1.31 billion. The decline in revenue was attributed in part to declines in the home equity processing business.
“Our results showcase the strength of our business model as we continue to deliver highly valued products and services across the financial services market,” said Jeffery Yabuki, president and CEO of Fiserv. “In spite of the expected revenue weakness in the quarter, we managed the business to optimize margins and grew adjusted earnings per share 10 percent.”
Fiserv continues to expect full-year 2009 adjusted earnings per share from continuing operations to be within a range of $3.61 to $3.75, which represents growth of 10 to 14 percent compared with $3.29 in 2008.

Fiserv (FISV) is a good stock going for a good price. The shares got punished way too much during September and October.
Here’s the earnings call from Seeking Alpha.

Posted by on May 1st, 2009 at 3:37 pm


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