BROOKFIELD, Wis. - Fiserv Inc. saw a revenue and earnings increase during the first quarter of 2007. Revenue came in at $1.22 billion, up 11 percent from the $1.1 billion recorded in 1Q '06. Earnings per share closed the quarter at 66 cents, compared to 64 cents in 1Q '06.
The company's financial-institution services were credited for much of the growth. That segment's revenue grew 7 percent during the quarter.
According to a news release, income in this segment was generated through a combination of growth in higher-margin internal revenue and operating efficiencies.
"Our overall results for the quarter were consistent with our expectations, led by strong revenue growth and operating-margin performance in our financial segment," said Jeffery Yabuki, president and chief executive of Fiserv. "Our business model of providing clients with highly valued products and services through a privileged relationship continues to show strength. We made tangible progress against our Fiserv 2.0 initiatives in a quarter where we also generated solid cash flow."
Fiserv's Electronic Funds Transfer business completed 55 new sales during the quarter, giving it a total of more than 2,700 clients.
During the quarter Fiserv also completed its acquisition of NetEconomy, a financial crime-management, anti-money laundering and compliance-solutions provider to world-wide financial institutions.
