Fiserv profit falls in Q3

Revenue up slightly on lowered full-year expectations

The Fiserv headquarters in Brookfield.
The Fiserv headquarters in Brookfield.

Brookfield-based Fiserv Inc. reported a mixed third quarter performance Wednesday.

The Fiserv headquarters in Brookfield.
The Fiserv headquarters in Brookfield.

The company, which provides technology solutions for financial institutions, reported net income of $214 million, or 96 cents per diluted share, down from $218 million, or 92 cents per diluted share, in the third quarter of 2015.

Revenue was $1.4 billion in the quarter, up from $1.3 billion in the same period a year ago. But expenses, product costs and selling, general and administrative expenses all increased year-over-year.

Fiserv’s Payments segment was up 8 percent and its Financial segment was up 2 percent year-over-year. Operating income was $369 million, up from $342 million in the third quarter of 2015.

Jeffery Yabuki, president and chief executive officer of Fiserv, said the results were generally in line with the company’s expectations, but that implementation delays and lower termination fees have forced the company to reduce its full-year revenue expectations.

“Strong operating performance in the quarter drove double-digit adjusted earnings per share growth and excellent free cash flow,” said Yabuki. “Outstanding sales results in the quarter should provide additional market momentum and growth.”

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Molly Dill, former BizTimes Milwaukee managing editor.

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