News

First Data reports strong 3Q '04 earnings

October 14, 2004

Denver Post.com: Greenwood Village, Colo.-based First Data Corp. reported its third-quarter earnings rose 28 percent, to $460.6 million, or 55 cents a share, from $360.9 million, or 49 cents a share, a year earlier, on revenues of $2.53 billion, up from $2.1 billion a year ago.

As in past quarters, Western Union, drove much of the overall earnings growth. The money-transfer business increased quarterly revenues 13 percent, to $861 million; quarterly profits rose 16 percent, to $296 million

Western Union opened its 200,000th money-transfer location, doubling its locations in less than four years. It has expanded aggressively in India and China, and is seeing 90 percent growth in those countries.

During the quarter, First Data took a charge of 2 cents per share related to its integration of Concord EFS, a debit-card processor and owner of the Star ATM network.

First Data shares closed on Oct. 14 at $40.42, up 42 cents.

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