Fiserv reports lower profit on deferred EMV revenue

Coins stacked

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.

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.

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.

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