FIS Issues FY24 Guidance; Announces $500 Mln Increase To Share Repurchase

(RTTNews) - Fidelity National Information Services (FIS) said, for fiscal 2024, the company expects: adjusted EPS in a range of $4.66 - $4.76 and revenue in a range of $10.10 billion - $10.15 billion. For the first quarter, the company expects: adjusted EPS in a range of $0.94 - $0.97; and revenue in a range of $2.43 billion - $2.455 billion.

Fourth quarter earnings came in at $64 million, or $0.11 per share compared with $109 million, or $0.18 per share, a year ago. Excluding items, adjusted earnings from continuing operations was $0.94 per share compared to $0.98, last year. Analysts on average had expected the company to earn $0.94 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 0.8% to $2.51 billion from $2.53 billion last year. Analysts on average had estimated $2.53 billion in revenue.

As of December 31, 2023, on a continuing operations basis, the company achieved annualized run-rate Future Forward cash savings of over $550 million exiting the quarter. The company increased its target for operational expense savings and reiterated target for total cash savings exiting 2024 of $1.0 billion, of which over 75 percent represents run-rate cash savings.

The company said it remains committed to shareholder returns and increased goal to repurchase at least $4.0 billion of shares by year end 2024, up from the previous goal of at least $3.5 billion.

On February 25, FIS' Board approved a regular quarterly dividend of $0.36 per common share. The dividend is payable on March 22, 2024, to shareholders of record as of close of business on March 8, 2024.

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