Fiserv Inc., the Brookfield-based payments and financial services technology company, reported revenue of $3.47 billion for its second quarter Tuesday, a 129% increase from the year-ago quarter.
The jump in revenue reflects the company's $22 billion all-stock acquisition of First Data Corp., which officially closed in late July of 2019.
Revenue actually missed some analysts' projections by $170 million. Adjusted revenue for the quarter was $3.22 billion, down from some projections of $3.32 billion and 12% lower than $3.64 billion on a combined company basis for the same period a year ago.
Fiserv (Nasdaq: FISV) also reported adjusted earnings per share of 93 cents, which was in line with projections.
Net cash for the company increased 400% to $1.03 billion in the quarter, while free cash flow increased 23% to $895 million, according to the company's quarterly report.
"We demonstrated the strength and resilience of our business model during the quarter, producing significant free cash flow while delivering value for our clients," said Frank Bisignano, who became president and CEO of Fiserv on July 1, succeeding longtime chief executive Jeff Yabuki. "Our results also included excellent sales performance which provides strong market momentum entering the second half of the year."
Adjusted sales were up 38% in the quarter. Fiserv expects full year 2020 adjusted earnings per share to grow at least 10% relative to full-year earnings in 2019.
"Given the strength of the results to date and improving performance trends around the world, we expect to deliver our 35th-consecutive year of double digit adjusted earnings per share growth and are well-positioned for 2021," Bisignano said.
