S&P 500 (NYSE:SPY) component Fiserv, Inc. (NASDAQ:FISV) reported a lower net income in first quarter. Fiserv, Inc. provides information management and electronic commerce systems for the financial services industry.
Fiserv Earnings Cheat Sheet for the First Quarter
Results: Net income for the business services company fell to $112 million (76 cents/share) vs. $121 million (79 cents/share) a year earlier. A decline of 7.4% from the year earlier quarter.
Revenue: Rose 4% to $1.05 billion YoY.
Actual vs. Wall St. Expectations: FISV reported adjusted earnings of $1.02 per share, short of the mean analyst estimate of $1.04/share. Estimates ranged from $1 per share to $1.07 per share.
Quoting Management: “Our first quarter revenue growth is kicking off a good start to the year led by strong performance in our Payments segment,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “We are enhancing our sustainable revenue growth profile through a strong business model, market leading technologies and solid sales execution.”
Key Stats: The company has now seen net income fall in each of the last two quarters. In the fourth quarter of the last fiscal year, net income fell 1.7% from the year earlier quarter.
Competitors to Watch: Visa Inc. (NYSE:V), Online Resources Corp. (NASDAQ:ORCC), DST Systems, Inc. (NYSE:DST), MasterCard (NYSE:MA), Discover Financial (NYSE:DFS), American Express (NYSE:AXP), Jack Henry & Associates, Inc. (NASDAQ:JKHY), Fidelity National Information Services (NYSE:FIS), Fundtech Ltd. (NASDAQ:FNDT), S1 Corporation (NASDAQ:SONE), ACI Worldwide Inc (NASDAQ:ACIW), and Intuit Inc. (NASDAQ:INTU).
Today’s Performance: Shares of FISV are trading at $64.39 as of April 27, 2011 at 5:36 PM ET, flat from the previous closing price of $64.37.