MILWAUKEE - Fiserv, Inc. (NYSE: NYSE:FI), a global leader in financial services technology solutions, reported a slight earnings beat for the second quarter of 2024, with adjusted earnings per share (EPS) of $2.13, surpassing the analyst estimate by $0.03.
However, the company's revenue of $4.79 billion fell just short of the consensus estimate of $4.81 billion.
The company's stock rose modestly by 1.76% following the announcement.
For the second quarter, Fiserv's GAAP revenue grew by 7% to $5.11 billion compared to the same period last year, driven by growth in both the Merchant Solutions and Financial Solutions segments. GAAP EPS also saw a significant increase of 39% to $1.53, reflecting robust operational performance. Organic revenue growth stood at 18% for the quarter, showcasing the company's continued expansion in its core business areas.
Adjusted EPS, which increased by 18% compared to last year, was bolstered by strong performance across the company's business segments and strategic initiatives. "Fiserv's integrated solutions, deep client relationships, and strategic positioning continue to drive our industry leadership," said Frank Bisignano, Chairman, President, and Chief Executive Officer of Fiserv.
Looking ahead, Fiserv raised its adjusted EPS outlook for the full year of 2024 to a range of $8.65 to $8.80, from the previous consensus estimate of $8.71. This updated guidance, representing a growth of 15% to 17%, is a testament to the company's confidence in its ability to sustain growth and profitability.
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