Fiserv profit up on sale of business interest

Completed two acquisitions in first quarter

Brookfield-based Fiserv Inc. reported first quarter net income of $289 million, or $1.27 per diluted share, up from $178 million, or 73 cents per share, in the first quarter of 2015.

During the quarter, the digital banking and electronic payment solutions developer received a $140 million payout from the sale of its 49 percent stake in a joint venture called StoneRiver. Fiserv’s adjusted earnings per share were $1.06, up from 89 cents in the same period last year.

Fiserv repurchased $3.4 million shares of common stock for $321 million in the first quarter. It also completed its $200 million acquisition of a division of ACI Worldwide, and an acquisition of the Hewlett Packard Enterprise’s Convenience Pay Services business.

- Advertisement -

“We expect these acquisitions to contribute $75 million to $85 million of adjusted revenue in 2016,” said Jeffery Yabuki, president and chief executive officer of Fiserv.

Operating income was $339 million, up from $314 million in the year-ago period.

Fiserv’s first quarter revenue totaled $1.3 billion, flat from the first quarter of 2015.

- Advertisement -

“We are pleased with our start to the year, including 7 percent internal revenue growth in the Payments segment and excellent operating performance,” Yabuki said. “Our business model continues to produce high-quality revenue, strong adjusted earnings per share and outstanding free cash flow.”

Sign up for the BizTimes email newsletter

Stay up-to-date on the people, companies and issues that impact business in Milwaukee and Southeast Wisconsin

What's New

BizPeople

Sponsored Content

BIZEXPO | EARLY BIRD PRICING | REGISTER BY APRIL 15TH & SAVE

Stay up-to-date with our free email newsletter

Keep up with the issues, companies and people that matter most to business in the Milwaukee metro area.

By subscribing you agree to our privacy policy.

No, thank you.
BizTimes Milwaukee