“Strong sales” send Fiserv revenue rising
Fiserv’s GAAP revenue increased 5% to $1.36 billion for the second quarter of 2016.
Compared to Q2 2015, its payments segment saw 9% growth and the financial segment grew 1%.
In terms of the first six months of 2016, the firm’s financial results were a similar story. GAAP revenue increased 5% to $2.69 billion, with 8% growth in the payments segment and 1% growth in the financial segment, compared to the prior year period.
Jeffery Yabuki, president and CEO of Fiserv, says: “Strong sales results in the quarter should add to our momentum in the second half of the year.”
GAAP earnings per share was $0.94 in the second quarter and $2.21 in the first six months of 2016, increasing 77% and 75%, respectively, compared to the prior year periods.
For its outlook, Fiserv continues to expect 2016 internal revenue growth in a range of 5% to 6%. The company now expects 2016 adjusted earnings per share to be in a range of $4.38 to $4.45, which represents growth of 13% to 15% over $3.87 in 2015.
In terms of sales, there have been several recent deals in the US for Fiserv.
Dakota Plains Credit Union replaced its existing system with an integrated technology suite, including XP2 for core account processing.
Oklahoma-based Encentus Federal Credit Union chose the Portico core account processing platform for digital banking and lending services.
Three credit unions converted to Fiserv’s DNA core account processing platform. These were Texas Dow Employees Credit Union, Thrivent Federal Credit Union and Neighbors Federal Credit Union. The projects were a couple of years in the making.
In addition, 25 US credit unions, with approximately $2.5 billion in assets and 250,000 members collectively, committed to its CUnify account processing platform.