Fiserv, Inc. (FISV), a leading global provider of financial services technology solutions, today reported financial results for the first quarter of 2015.
GAAP revenue in the quarter was $1.28 billion compared with $1.23 billion in the first quarter of 2014. Adjusted revenue was $1.19 billion in the first quarter compared with $1.15 billion in the first quarter of 2014, an increase of 4 percent.
GAAP earnings per share from continuing operations in the first quarter was $0.73 compared with $0.65 in the first quarter of 2014. Adjusted earnings per share from continuing operations increased 9 percent to $0.89 compared with $0.82 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.”
First Quarter 2015
- Adjusted revenue grew 4 percent in the quarter to $1.19 billion compared with $1.15 billion in the prior year period.
- Internal revenue growth was 4 percent for the company, with 4 percent growth in the Payments segment and 3 percent growth in the Financial segment. Foreign currency negatively impacted reported internal revenue growth by approximately 40 basis points in the quarter.
- Adjusted earnings per share increased 9 percent in the quarter to $0.89 compared with $0.82 in the prior year period.
- Adjusted operating income increased 8 percent in the quarter to $371 million compared with $342 million in the prior year period.
- Adjusted operating margin increased 150 basis points in the quarter, to 31.1 percent, compared with the first quarter of 2014.
- Free cash flow was up 15 percent to $268 million compared with $234 million in the prior year period.
- The company repurchased 3.8 million shares of common stock for $290 million in the first quarter and had 16.0 million remaining shares authorized for repurchase as of March 31, 2015.
- The company was named as one of FORTUNE® magazine’s World’s Most Admired Companies in the financial data services category for the second consecutive year.
- In April, the company was designated one of “America’s Best Employers” by Forbes magazine.
- On April 30, 2015, the company entered into an amendment to extend the maturity of its $2.0 billion revolving credit facility to April 2020.
Outlook for 2015
Fiserv continues to expect 2015 internal revenue growth in a range of 5 to 6 percent and adjusted earnings per share in a range of $3.73 to $3.83, which represents growth of 11 to 14 percent over $3.37 in 2014.
“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.