Fiserv Increases Revenue But Misses Earnings

eWallstreeter | Eddy | April 27, 2011 3:12 pm

Fiserv (FISV) released their first quarter earnings after the market close today. Their Q1 revenue was up 4% at $1.04 billion, but they missed Wall Street’s expected profit of $1.04 per share by $0.02, earning $1.02 per share. Fiserv cited higher expenses in explaining the miss.

From their press release:

“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.”

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Fiserv continues to expect 2011 adjusted internal revenue growth to be in a range of 2 to 4 percent. The company also expects 2011 adjusted earnings per share to be in a range of $4.42 to $4.54, which represents growth of 9 to 12 percent

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