Fiserv Inc. today reported financial results for the first quarter of 2010.
According to a Fiserv press release, total GAAP revenue in the first quarter of 2010 was $1.01 billion compared with $1.02 billion in the first quarter of 2009. Total adjusted revenue decreased 1 percent to $954 million in the first quarter compared with $968 million in 2009.
GAAP earnings per share from continuing operations for the first quarter was $0.80 compared with $0.68 in 2009. Total GAAP earnings per share, including discontinued operations, was $0.79 for the first quarter compared with $0.66 in 2009. Adjusted earnings per share from continuing operations in the first quarter increased 6 percent to $0.95 compared with $0.90 in the first quarter of 2009.
"Solid performance by our recurring revenue-based businesses in the quarter produced financial results inline with our expectations," said Jeffery Yabuki, president and CEO of Fiserv. "We are funding new product investments in several strategic areas to provide innovation the market demands, while delivering value for our shareholders in the short and long term."
Fiserv continues to expect full year adjusted earnings per share from continuing operations to be in a range of $3.96 to $4.07, which represents growth of 8 to 11 percent compared with 2009. The company also expects 2010 adjusted internal revenue growth to be in a range of 1 to 3 percent. The adjusted earnings per share outlook excludes the impact of extraordinary items, merger and integration costs, and the amortization of acquisition-related intangible assets.
"We expect momentum from the combination of our strong business model and an intense focus on market opportunities to accelerate revenue and earnings growth throughout the year, consistent with our 2010 guidance," Yabuki said.
