Fiserv, Inc FI reported fourth-quarter results, with revenue increasing by 6% Y/Y to $4.92 billion, beating the consensus of $4.69 billion. Adjusted revenue increased 6% Y/Y to $4.64 billion.
Organic revenue grew 12%, led by 24% growth in the Acceptance segment and 4% in both the Payments, partially offset by a 1% decline in the Fintech segment.
Adjusted EPS of $2.19 beat the consensus of $2.15. This is a 15% increase over $1.91 from the same period last year. The adjusted operating margin increased by 150 bps Y/Y to 40.7%.
“Fiserv closed out 2023 with accelerated organic revenue growth of 12%, representing our third consecutive year of double-digit growth, as our momentum continued,” said Frank Bisignano, Chairman, President and Chief Executive Officer of Fiserv.
Outlook: Fiserv now expects FY24 organic revenue growth of 15%-17% and adjusted EPS of $8.55-$8.70, representing growth of 14%-16% Y/Y versus the $8.61 consensus.
Earlier, Fiserv expected organic revenue growth of 11%-13% for 2024, with adjusted EPS to grow 13%-17%.
Price Action: FI shares traded lower by 1.14% at $142.50 premarket on the last check Tuesday.
