News

First Data revises '04 EPS estimate upward

April 5, 2004

DENVER - First Data Corp. said its 2004 earnings per share will be 17 cents higher than it previously expected, due to the gain from the sale of its 67 percent stake in Global Cash Access(GCA), the nation's top casino ATM operator.

(See related story First Data sells majority interest in GCA)

First Data said it now expects 2004 EPS from continuing operations to be in the range of $2.17 to $2.35. Analysts say they expect EPS in the range of $2.09 to $2.20, with an average estimate of $2.14, according to Reuters Research, a unit of Reuters Group Plc.

Last month, First Data sold its majority stake in GCA back to a founding owner of the company. At the time, First Data did not release terms of the deal, but Global Cash Access said First Data sold the interest for roughly $435 million in cash.

First Data shares rose 34 cents to $43.40 in afternoon trading on the New York Stock Exchangeon April 5.

First Data will report first quarter 2004 earnings on April 22.