26 Apr Fiserv reports $113.5 million in Q1 profit
Brookfield, Wis. – Fiserv reported net income of $113.5 million during the first quarter of 2007, a gain of $0.66 per share, with revenues rising 11 percent over the same quarter in 2006.
The company, which develops electronic products for the financial services industry, said net income was down from the $116.2 million reported in the same quarter of 2006, but earnings per share were slightly higher than the $0.64 in the same three-month period.
Fiserv saw revenues grow to $1.2 billion in the quarter on the strength of improved sales in its financial institution services segment. Among its product offerings are electronic funds transfer, electronic bill paying, and electronic check image exchange.
Also during the quarter, Fiserv completed the acquisition of NetEconomy, a provider of financial crime management and anti-money laundering services. It also signed agreements with Bank of America, Merrill Lynch Bank & Trust Co., a subsidiary of Merrill Lynch, and Nissan Motor Acceptance Corp., a division of Nissan Motor Co.
Fiserv, a Fortune 500 company, trades on the NASDAQ Stock Market under the symbol FISV. The company expects full-year 2007 earnings to be within the range of $2.86 to $2.94 per share.
For more information on the first quarter performance, visit this page on the company’s Website.
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