NEW YORK - Fiserv Inc . (NYSE:FI) reported third-quarter earnings that beat analyst expectations on Tuesday, though revenue came in slightly below estimates. The financial technology company also raised its full-year earnings guidance.
The stock dipped 1% in premarket trading Tuesday following the mixed results and outlook.
Fiserv posted adjusted earnings per share of $2.30 for the quarter, surpassing the analyst consensus of $2.26. Revenue grew 7% year-over-year to $4.88 billion, but fell short of Wall Street's forecast of $4.91 billion.
The company's Merchant Solutions segment saw strong organic revenue growth of 24% in Q3, while Financial Solutions organic revenue increased 6%.
"We are pleased with our third quarter performance, which showcases strength across both our Merchant and Financial Solutions segments and several significant new wins," said Frank Bisignano, Chairman, President and CEO of Fiserv.
For the full year 2024, Fiserv raised its organic revenue growth outlook to 16-17% and adjusted EPS guidance to $8.73-$8.80, representing growth of 16-17% YoY.
Fiserv's free cash flow increased 23% to $3.34 billion in the first nine months of 2024 compared to the prior year period. The company repurchased 7.6 million shares for $1.3 billion during the third quarter.
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