Fiserv, Inc FI reported third-quarter revenue growth of 8% Y/Y to $4.87 billion, beating the consensus of $4.61 billion. Adjusted revenue increased 8% Y/Y to $4.62 billion.
Organic revenue grew 12%, led by 20% growth in the Acceptance segment and 6% in both the Payments and Fintech segments.
Adjusted EPS of $1.96 beat the consensus of $1.93. This is a 20.25% increase over $1.63 from the same period last year.
The adjusted operating margin increased by 290 bps Y/Y to 38.1%.
In September 2023, the company acquired the remaining 49% ownership interest in European Merchant Services B.V., a Netherlands-based merchant acceptance business.
Frank Bisignano, Chairman, President, and Chief Executive Officer of Fiserv, said, "With third quarter outperformance and continued strength this quarter, we are again raising our guidance for 2023," said Bisignano. "We remain confident in our ability to add new clients, grow with our existing clients, and provide solutions that capture greater share of wallet."
Outlook: Fiserv raised the 2023 guidance for organic revenue growth of 11% (prior view 9% - 11%) and adjusted EPS of $7.47 - $7.52 (prior $7.40- $7.50) versus consensus of $7.44.
Price Action: FI shares traded higher by 4.31% at $114.33 on the last check Tuesday.
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