FISV ( $61-$59)p/e 42 Q2 profits up 15 pct, sets stock split 3-2
BROOKFIELD, Wis., July 23 (Reuters) - Fiserv, Inc. (NasdaqNM:FISV - news), a provider of information processing and management services to the financial industry, on Monday posted a 15 percent rise in second-quarter profits as strong revenues from existing clients and new contracts boosted results.
The Brookfield, Wisconsin-based firm, which also unveiled a 3-for-2 stock split, reported net income of $51.9 million or 41 cents per share, versus $45.0 million, or 36 cents per share a year ago.
Analysts polled by research firm Thomson Financial/First Call had expected earnings to range from 39 to 41 cents per share, with consensus at at 40 cents. Including a gain from an investment sale the company earned 40 cents per share versus 34 cents a year ago.
Fiserv said revenues in the quarter ended June 30 rose 13.5 percent to $472.6 million from $416.4 million reported in the same period a year earlier. The firm said its Financial Institution Outsourcing, Systems and Services unit, which accounts for about 80 percent of total revenues, had led growth in earnings.
The company said the stock split will apply to shareholder of record as of Aug. 10. Fiserv reaffirmed its target for full-year earnings per share between $1.60 to $1.61, excluding any realized gains from sale of investments. It shares ended Monday down 2.14 percent, or $1.31, at $59.94 on the Nasdaq market. |
