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Fiserv reports net income increase for Q2
August 17, 2009
Fiserv Inc. released its second-quarter earnings last month, reporting a revenue dip and a net income increase from the same period last year.
For Q2 2009, revenue came in at $1 billion, compared with the $1.3 billion reported in Q2 2008. For the year, revenue is down, totaling $2.1 billion for 2009, compared with $2.6 billion in 2008. Net income, however, was up for the quarter, from $100 million, 60 cents per share, in Q2 2008 to $140 million, 90 cents per share, in Q2 2009. For the year, net income is down, from $429 million, $2.60 per share, to $243 million, $1.56 per share.
Jeffery Yabuki, Fiserv's president and chief executive, says the revenue and earnings reflect solid growth, amid many economic challenges:
 | Our solid earnings and margin results in the face of continuing economic challenges once again demonstrated the strength of our business model. We complemented our economic performance with a number of new significant client relationships resulting from the combination of leading solutions and our enhanced go-to-market approach. |  |
Some of those highlights include an improved operating margin in the financial segment, which increased 250 basis points in the quarter to 28 percent.
The company also expanded its payments footprint in Q2 by signing 102 clients for its electronic bill-payment services and 58 clients for its EFT/debit service. And Fiserv says it signed a number of new and expanded multiyear client relationships with Honolulu-based American Savings Bank, $5.2 billion in assets; Virginia-based Fauquier Bank, $526 million in assets; Holland, Mich.-based Macatawa Bank, $2.1 billion in assets; Pittsburgh-based PNC Financial Services Group Inc., $286 billion in assets; Thailand-based Bangkok Bank, $47.9 billion in assets; Chicago-based MB Financial Bank, $9 billion in assets; and Milwaukee-based We Energies, $12 billion of assets.
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