Fiserv's net income jumps 79 pct in 2Q

Associated Press

BROOKFIELD, Wis. (AP) — Financial services technology company Fiserv Inc. said Monday that its net income jumped 79 percent in the second quarter, buoyed by higher processing and services revenue.

The company's booked a hefty acquisition-related loss in the prior-year quarter, which made for an easier comparison against its latest results.

Its shares gained 3.8 percent in afterhours trading.

Fiserv, which creates the technology for online bill paying, mobile banking and other financial services, said net income rose to $161 million, or $1.17 per share, for the three months ended June 30. That compares with net income of $90 million, or 62 cents per share, in the same period last year.

Stripping out merger costs and other one-time items, Fiserv's net income amounted to $1.28 per share.

On that basis, the results beat analysts' consensus forecast, which called for net income of $1.26 per share, according to FactSet.

Fiserv's saw revenue from processing, services and products increase during the quarter.

All told, revenue climbed to $1.10 billion, up from $1.07 billion a year earlier, but below the $1.11 billion analysts had forecast.

Fiserv expects 2012 adjusted earnings per share will range from $5.08 to $5.20. Analysts, on average, are anticipating full-year adjusted earnings of $4.58.

"Our first half results were in line with expectations, and we remain on track to achieve our full-year revenue and earnings guidance," said Jeffery Yabuki, Fiserv's president and chief executive.

Shares ended the regular session down 13 cents at $72.25. The stock gained $2.75 to $75 in aftermarket trading.

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