Fiserv Lifts FY24 Adj. Earnings View, Backs Organic Revenue Forecast - Update

(RTTNews) - Fiserv Inc. (FI), a provider of payments and financial services technology solutions, on Wednesday lifted its forecast for fiscal 2024 earnings, and maintained organic revenue growth view.

For the year, the company now expects adjusted earnings per share of $8.65 to $8.80, representing a growth of 15 percent to 17 percent. The company previously expected adjusted earnings per share to be $8.60 to $8.75, representing a growth of 14 percent to 16 percent, for 2024.

Analysts on average expect the company to earn $8.71 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Further, the company continues to expect 2024 organic revenue growth of 15 percent to 17 percent.

Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv, said, "Encouraged by the strong results achieved in the first half of the year, we are raising our full year 2024 adjusted earnings per share outlook. We expect to extend our track record of sustainable growth and profitability given the strength of our client franchise and continued wins in the marketplace."

In its second quarter, earnings increased from the same period last year and beat the Street estimates.

The company's earnings came in at $894 million, or $1.53 per share. This compares with $683 million, or $1.10 per share, in last year's second quarter.

Adjusted earnings were $1.25 billion or $2.13 per share for the period. Analysts had expected the company to earn $2.10 per share.

The company's revenue for the quarter rose 7.4 percent to $5.11 billion from $4.76 billion last year, while the Street estimated revenues of $.82 billion.

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