S&P 500 (NYSE:SPY) component Fiserv, Inc. (NASDAQ:FISV) reported its results for the second quarter. Fiserv, Inc. provides information management and electronic commerce systems for the financial services industry.
Fiserv Earnings Cheat Sheet for the Second Quarter
Results: Net income for the business services company fell to $90 million (62 cents per share) vs. $127 million (83 cents per share) a year earlier. This is a decline of 29.1% from the year earlier quarter.
Revenue: Rose 4.2% to $1.06 billion from the year earlier quarter.
Actual vs. Wall St. Expectations: FISV reported adjusted net income of $1.13 per share. By that measure, the company beat the mean estimate of $1.08 per share. Analysts were expecting revenue of $1.05 billion.
Quoting Management: “Our focused execution in the quarter, highlighted by another solid performance in the Payments segment, led to continued revenue growth and double-digit gains in adjusted EPS,” said Jeffery Yabuki, President and Chief Executive Officer of Fiserv. “As important, our highly valued and differentiated solutions led us to record the largest quarterly sales attainment in the company’s history.”
Revenue has risen the past four quarters. Revenue increased 4% to $1.05 billion in the first quarter. The figure rose 1.5% in the fourth quarter of the last fiscal year from the year earlier and climbed 3.3% in the third quarter of the last fiscal year from the year-ago quarter.
The company has now seen net income fall in each of the last three quarters. In the first quarter, net income fell 7.4% from the year earlier, while the figure fell 1.7% in the fourth quarter of the last fiscal year.
The company beat estimates last quarter after falling short in the previous two quarters. In the first quarter, it missed the mark by 2 cents, and in the fourth quarter of the last fiscal year, it fell short by one cent.
Competitors to Watch: Visa Inc. (NYSE:V), Mastercard (NYSE:MA) Online Resources Corp. (NASDAQ:ORCC), DST Systems, Inc. (NYSE:DST), 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).
(Source: Xignite Financials)