BROOKFIELD, Wis., Oct. 24 – Despite Fiserv (FI, Financial) posting Q3 adjusted results that exceeded Wall Street expectations, its revenue growth fell somewhat behind analyst projections. The company nevertheless raised its full-year projection for revenue growth and adjusted profits per share (EPS).
From its previous range of $8.65-$8.80, the payment and fintech company now expects 2024 adjusted EPS of $8.73 to $8.77 surpassing the average analyst expectation of $8.75. From the previous 15%-16% projection, it also raised its organic sales growth estimate to 16%-17%.
"Fiserv continues to demonstrate consistency and sustainability in our top-line growth and margin improvement, leading us to raise the Outlook on our 2024 financial commitments," stated Chairman, President and CEO Frank Bisignano.
Fiserv said adjusted EPS of $2.30 in Q3, higher than the average expectation of $2.26 and from $2.13 in Q2. Though somewhat short of the $4.91 billion forecast, adjusted income came in at $4.88 billion, still a rise from $4.79 billion in Q2. From $3.68 billion in Q2 to $3.61 billion, total expenses dropped, with adjusted operating margins rising to 40.2% from 38.4% in the previous quarter.
