Fiserv Earnings: A Streak of Profit Growth Continues
S&P 500 (NYSE:SPY) component Fiserv Inc. (NASDAQ:FISV) reported its results for the third quarter. Fiserv provides information management and electronic commerce systems for the financial services industry.
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Fiserv Inc. Earnings Cheat Sheet
Results: Net income for Fiserv Inc. rose to $139 million ($1.03 per share) vs. $127 million (89 cents per share) in the same quarter a year earlier. This marks a rise of 9.4% from the year-earlier quarter.
Revenue: Rose 5.2% to $1.12 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Fiserv Inc. reported adjusted net income of $1.27 per share. By that measure, the company fell in line with the mean estimate of $1.27 per share. Analysts were expecting revenue of $1.12 billion.
Quoting Management: “Internal revenue growth accelerated in the quarter as anticipated, and is in-line with our expectations for the full year,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “Our strong sales momentum is clear evidence that the market continues to value our leading solutions.”
The company’s net income has now been on the rise for four quarters in a row. In the second quarter, net income rose 78.9% while the figure climbed 17.9% in the first quarter and 23.3% in the fourth quarter of the last fiscal year from the year earlier.
Revenue has risen the past four quarters. Revenue increased 3.3% to $1.1 billion in the second quarter. The figure rose 5.7% in the first quarter from the year earlier and climbed 7.7% in the fourth quarter of the last fiscal year from the year-ago quarter.
The company fell in line with estimates last quarter after beating expectations in the previous two quarters. In the second quarter, it topped the mark by 2 cents, and in the first quarter, it was ahead by 5 cents.
Looking Forward: The average estimate for the fourth quarter remains unchanged at $1.44 a share. The average estimate for the fiscal year has risen to $5.19 per share from $5.18 in the past month.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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