S&P 500 (NYSE:SPY) component Fiserv Inc. (NASDAQ:FISV) reported its results for the first quarter. Fiserv provides information management and electronic commerce systems for the financial services industry.
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Fiserv Earnings Cheat Sheet for the First Quarter
Results: Net income for Fiserv Inc. rose to $132 million (95 cents per share) vs. $112 million (76 cents per share) in the same quarter a year earlier. This marks a rise of 17.9% from the year-earlier quarter.
Revenue: Rose 5.7% to $1.11 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fiserv Inc. fell short of the mean analyst estimate of $1.15 per share. Analysts were expecting revenue of $1.09 billion.
Quoting Management: “We are off to a great start in 2012 with above plan performance for revenue and earnings per share in the quarter,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “There is continuing evidence that our broad range of technology solutions will support the needs of the evolving financial services market.”
Revenue has increased for four quarters in a row. Revenue increased 7.7% to $1.16 billion in the fourth quarter of the last fiscal year. The figure rose 3.7% in the third quarter of the last fiscal year from the year earlier and climbed 4.2% in the second quarter of the last fiscal year from the year-ago quarter.
The company fell short of estimates last quarter after being in line with expectations the quarter before with net income of $1.27.
Net income has increased 0.2% year-over-year on average across the last five quarters. The biggest gain came in the fourth of the last fiscal year, when income climbed 23.3% from the year-earlier quarter.
Looking Forward: Expectations for the second quarter have not changed from $1.26. For the fiscal year, the average estimate has moved up from $5.12 a share to $5.13 over the last ninety days.
(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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