DENVER - First Data Corp. reported April 21 that revenue for the first quarter of 2006 hit $2.7 billion, up 10 percent from the same period last year. Net income for the quarter was $375 million, or 48 cents per share.
The company's segments experienced overall operating profit growth of 13 percent.
"We are excited about our performance in the first quarter," First Data chairman and chief executive Ric Duques said. "Results were in line with our expectations, and we are pleased with the underlying strength in all of our major segments."
Revenue for the company's Financial Institution Services, which includes First Data's cardholder-processing business, reflected the only drop for the company. Revenue for this segment fell 5 percent to $445 million. And operating profit also fell, dropping 4 percent to $84 million.
Western Union, on the other hand, generated revenue of $1.1 billion in 1Q '06, up 16 percent from 1Q '05. Operating profit was $337 million, up 13 percent.
Strong consumer-to-consumer transaction growth carried the segment, with transactions increasing 31 percent from last year.
Commercial Services revenue grew 9 percent to $934 million. And operating profit for this segment was $214 million, up 24 percent from 1Q '05.
