Fiserv Increases Revenue But Misses Earnings

Fiserv (FISV) released their first-quarter earnings after the market’s close today. Their Q1 revenue was up 4% at $1.04 billion, but they missed Wall Street’s expected profit of $1.04 per share by two cents per share, earning $1.02 per share. Fiserv explained the miss by citing higher expenses. The good news is that they reiterated their full-year earnings forecast of $4.42-$4.54 per share.

From their press release:

“Our first quarter revenue growth is kicking off a good start to the year led by strong performance in our Payments segment,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “We are enhancing our sustainable revenue growth profile through a strong business model, market leading technologies and solid sales execution.”

…

Fiserv continues to expect 2011 adjusted internal revenue growth to be in a range of 2 to 4 percent. The company also expects 2011 adjusted earnings per share to be in a range of $4.42 to $4.54, which represents growth of 9 to 12 percent compared with $4.05 in 2010.

“Given our results in the quarter and visibility into the remainder of the year, we are on-track to achieve our 2011 guidance,” said Yabuki.

This is slightly disappointing but the important news is that their full-year guidance is unchanged.

Posted by on April 27th, 2011 at 6:12 pm


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