Benzinga - by Anusuya Lahiri, Benzinga Editor.
Fiserv, Inc (NYSE:FI) reported fiscal first-quarter results, with revenue increasing by 7% Y/Y to $4.88 billion, beating the consensus of $4.57 billion. Adjusted revenue increased 7% Y/Y to $4.54 billion.
Adjusted EPS of $1.88 beat the consensus of $1.79. This is a 19% increase over $1.91 from the same period last year. The stock price gained after the print.
Organic revenue grew 20%, led by 23% growth in the Merchant Solutions segment and 5% in the Financial Solutions segment.
The adjusted operating margin increased by 180 bps Y/Y to 35.8%. Adjusted operating margin increased 440 basis points Y/Y to 34.1% in the Merchant Solutions segment and 160 basis points Y/Y to 44.1% in the Financial Solutions segment.
“This proven model, along with our strong first quarter results, led us to raise our 2024 adjusted earnings per share outlook for the full year,” Frank Bisignano, chairman, president and chief executive officer of Fiserv said.
FY24 Outlook: Fiserv reiterated organic revenue growth of 15%-17% and raised adjusted EPS outlook to $8.60 – $8.75 (prior $8.55 – $8.70), representing growth of 14%-16% Y/Y versus the $8.63 consensus.
Fiserv stock has gained 27% in the last 12 months.
Price Action: FI shares were up 5.6% at $157.17 at last check Tuesday.
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