2023-07-26 08:23:26 ET
Fiserv ( NYSE: FI ) raised its 2023 revenue and earnings guidance, reflecting stronger-than-expected Q2 earnings and an improved economic outlook for the rest of the year, the company said Tuesday.
The payment technology and financial services company now expects 2023 adjusted EPS of $7.40-$7.50 , up from its prior view of $7.30-$7.40, and higher than the consensus of $7.36. Organic revenue growth guidance rose to 9%-11% from 8%-9% previously.
Fiserv ( FI ) stock gained 2.4% in premarket trading.
"Our actions to invest, integrate and innovate have resulted in strong demand for our products, and greater productivity for our associates," said President and CEO Frank Bisignano.
Q2 adjusted EPS of $1.81 vs. $1.79 consensus $1.58 in Q1 and $1.56 in Q2 2022.
Q2 adjusted revenue, at $4.51B, increased from $4.28B in the prior quarter and from $4.23B in the year-ago period.
Organic revenue growth was 10% in Q2, led by 14% growth in its Acceptance segment and 11% growth in Payments.
Q2 total expenses rose to $3.63B from $3.61B in Q1 and from $3.59B in Q2 2022.
Q2 adjusted operating margin increased to 36.5% from 33.6% in the prior quarter and from 33.5% in the year-ago quarter.
Earlier, Fiserv beats Q2 top and bottom line estimates; raises FY23 outlook
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- Fiserv moves stock listing to NYSE from Nasdaq
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Fiserv boosts 2023 guidance on strong Q2, improved economic outlook