Brookfield-based financial services technology developer Fiserv Inc. today reported 2015 fourth quarter net income of $189 million, or 81 cents per diluted share, up from $181 million, or 73 cents per share, in the fourth quarter of 2014.
Operating income was $329 million, up from $317 million.
Revenue totaled $1.4 billion in the quarter, up from $1.3 billion in the same period a year ago.
Fourth quarter revenue was lighter than expected, because revenue from the implementation of EMV chip credit and debit cards was unexpectedly delayed by a lag between Fiserv’s manufacturing of the cards and personalization and issuance of the cards by banking customers, said Jeffery Yabuki, president and chief executive officer of Fiserv, in a call with analysts today.
“We expect strong EMV growth, with volume nearing our expected peaks in the middle quarters of the year,” Yabuki said.
Fiserv also revealed more details about its recently announced acquisition of certain assets of ACI Worldwide. The acquisition is valued at $200 million, and doesn’t include related tax benefits of about $50 million. It is expected to close in the first quarter of 2016.
For the full year, Fiserv reported net income of $712 million, down from $754 million in 2014.
Revenue was $5.3 billion in 2015, up from $5.1 billion in 2014.
Operating income totaled $1.3 billion in the year, up from $1.2 billion last year.
