Fiserv reports strong first quarter

Brookfield-based Fiserv Inc. has reported first quarter net income of $178 million, or 73 cents per share, up from $168 million, or 65 cents per share, in the first quarter of 2014.

The financial technology developer reported operating income of $314 million, up from $271 million in the same period a year ago.

Revenue was $1.3 billion in the first quarter, compared with $1.2 billion in the first quarter of 2014.

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“We are pleased with our strong start to the year,” said Jeffery Yabuki, president and chief executive officer of Fiserv. “Results for the quarter were consistent with our full-year expectations, highlighted by strong operating performance and excellent growth in free cash flow.

“We delivered internal revenue growth of 4 percent against what was by far our most difficult revenue comparison of the year. These results include a 1 percentage point drag on revenue from a combination of currency and lower termination fees in the quarter.”
 
Fiserv reaffirmed its full-year projection of 5 to 6 percent internal revenue growth and adjusted earnings per share of $3.73 to $3.83.

“We are on track to achieve full-year results within our 2015 guidance, which anticipates stronger results in the second half of the year,” said Yabuki.

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