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.

“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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