Financial software and services provider Fiserv has reported a 47% increase in net income to $115m for the third quarter 2009, compared to a net income of $78m in the year-ago quarter. Revenue declined 4% to $992m. Skip related content
Operating income grew 6% to $231m, while diluted EPS rose 54% to $0.74. The company repurchased 1.3 million shares of its common stock and had free cash flow of $196m during the quarter.
The company said processing and services revenue declined 1% to $826m, while product revenue fell 19% to $166m. It signed 85 electronic bill payment clients and added 58 EFT/Debit clients in the third quarter.
For the nine-month period, Fiserv reported a 29% decline in net income to $358m compared to a net income of $507m a year ago. Revenue declined 15% to $3.01bn.
Jeffery Yabuki, president and chief executive at Fiserv, said: "We continue to deliver high-quality earnings and free cash flow. Although top-line revenue growth remains challenged in the current environment, our results continue to showcase the attractiveness of our business model. We remain on track to achieve earnings within our full-year guidance."
Looking ahead, for the fourth quarter, Fiserv expects adjusted internal revenue growth to be in a range of 0% to 2%. For fiscal 2009, it expects adjusted EPS from continuing operations to be within a narrowed range of $3.63 to $3.68.
