Fiserv misses Street 3Q forecasts

Associated Press

Nov. 1, 2017

BROOKFIELD  — Fiserv Inc. (FISV) on Tuesday reported third-quarter net income of $232 million.

The Brookfield-based company said it had net income of $1.08 per share. Earnings, adjusted for onetime gains and costs, were $1.27 per share.

The results did not meet Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment Research was for earnings of $1.30 per share.

The financial services technology company posted revenue of $1.4 billion in the period, which also did not meet Street forecasts. Eight analysts surveyed by Zacks expected $1.45 billion.

Fiserv expects full-year earnings in the range of $5.05 to $5.12 per share.

Fiserv shares have increased 22 percent since the beginning of the year, while the Standard & Poor’s 500 index has risen 15 percent. In the final minutes of trading on Tuesday, shares hit $129.43, a climb of 31 percent in the last 12 months.