Fiserv Inc. Q2 Profit Increases, Beats Estimates

Fiserv

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(RTTNews) - Fiserv Inc. (FI) announced earnings for its second quarter that Increased from last year and beat the Street estimates.

The company's bottom line totaled $1.026 billion, or $1.86 per share. This compares with $894 million, or $1.53 per share, last year.

Excluding items, Fiserv Inc. reported adjusted earnings of $1.364 billion or $2.47 per share for the period.

Analysts on average had expected the company to earn $2.43 per share. Analysts' estimates typically exclude special items.

The company's revenue for the period rose 8.0% to $5.516 billion from $5.107 billion last year.

Fiserv Inc. earnings at a glance (GAAP) :

-Earnings: $1.026 Bln. vs. $894 Mln. last year. -EPS: $1.86 vs. $1.53 last year. -Revenue: $5.516 Bln vs. $5.107 Bln last year.

Looking ahead, Mike Lyons, CEO of Fiserv, said: “We made several refinements to our guidance based on our year-to-date performance and current business activity levels.”

For the full year, the company now expects organic revenue growth of around 10% and adjusted earnings per share to $10.15 to $10.30, representing growth of 15% to 17%.

Earlier, Fiserv had projected for an annual organic revenue growth of 10% to 12% with adjusted earnings per share of $10.10 to $10.30.

FI was down by 8.40% at $152 in the pre-market trade on the New York Stock Exchange.