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.

“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.

“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 BizTimes Daily Alerts

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

Molly Dill, former BizTimes Milwaukee managing editor.

No posts to display