Fiserv reports lower profit on deferred EMV revenue

Brookfield-based Fiserv Inc. today reported third quarter net income of $218 million, or 92 cents per share, down from $239 million, or 95 cents per share, in the third quarter of 2014.Coins stacked

The financial services technology developer reported operating income of $342 million, up from $315 million in the third quarter of 2014.

Revenue was $1.3 billion in the third quarter, flat from the same period last year.

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The company attributed the flat revenue to unfavorable foreign currency translation and a deferment of much of its revenue related to unshipped products in its ongoing EMV chip card transition process.

“Strong performance in the quarter was highlighted by revenue growth acceleration and a 20 percent increase in adjusted EPS,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “Our focus on delivering innovative, high-value client services should drive differentiated client experiences and continued growth.”

“We’ve had two really great years in a row, kind of two record years, and I think to some extent, we are focused on transitioning from a lot of the things we have sold historically,” Yabuki said.

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The company also announced chief financial officer, treasurer and assistant secretary Thomas Hirsch will retire in March.

“We intend to consider a full slate of internal and external candidates for this highly desirable role,” Yabuki said. The company plans to fill the position by Jan. 31.

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