FIS 1Q net income jumps 65 pct
Fidelity National Information Services Inc. said Tuesday that its first-quarter net income jumped 65 percent, helped by higher revenue at its financial solutions business.
The payments technology company, known as FIS, reported a profit attributable to common shareholders of $144.1 million, or 49 cents per share, up from $87.1 million, or 29 cents per share, in the same quarter of 2012.
Excluding one-time items, the company said its adjusted earnings from continuing operations was 62 cents per share.
Revenue rose 5 percent to $1.48 billion from $1.41 billion.
Analysts, on average, expected earnings of 61 cents per share on $1.47 billion in revenue, according to FactSet.
Revenue at the company's financial solutions business rose 7 percent to $575 million, helped by increases in consulting revenue, global commercial services and online banking solutions.
Meanwhile, payment services revenue rose 2.5 percent to $612 million and international services revenue increased 5 percent to $292 million.
FIS backed its full-year adjusted earnings prediction of $2.77 to $2.87 per share on revenue growth of 4 percent to 6 percent. Based on the company's 2012 revenue, the guidance implies 2013 revenue of $6.04 billion to $6.16 billion.
Analysts expect a profit of $2.81 per share on $6.09 billion in revenue, according to FactSet.
Shares of Jacksonville, Fla.-based FIS rose $1.33, or 3.3 percent, to $42 in morning trading after rising to a new high of $42.25 earlier in the session.