Fiserv (FISV) has reported 1.83 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $214 million, or $0.96 a share in the quarter, compared with $218 million, or $0.92 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $253 million, or $1.14 a share compared with $245 million or $1.03 a share, a year ago. Revenue during the quarter grew 5.10 percent to $1,380 million from $1,313 million in the previous year period. Gross margin for the quarter expanded 90 basis points over the previous year period to 46.59 percent. Total expenses were 73.26 percent of quarterly revenues, down from 73.95 percent for the same period last year. This has led to an improvement of 69 basis points in operating margin to 26.74 percent.
Operating income for the quarter was $369 million, compared with $342 million in the previous year period.
"Strong operating performance in the quarter drove double-digit adjusted earnings per share growth and excellent free cash flow," said Jeffery Yabuki, president and chief executive officer of Fiserv. "Outstanding sales results in the quarter should provide additional market momentum and growth."
For fiscal year 2016, the company expects diluted earnings per share to be in the range of $4.43 to $4.46 on adjusted basis.
Operating cash flow improvesFiserv has generated cash of $1,042 million from operating activities during the nine month period, up 9.11 percent or $87 million, when compared with the last year period. The company has spent $486 million cash to meet investing activities during the nine month period as against cash outgo of $296 million in the last year period.
The company has spent $528 million cash to carry out financing activities during the nine month period as against cash outgo of $644 million in the last year period.
Cash and cash equivalents stood at $303 million as on Sep. 30, 2016, down 1.94 percent or $6 million from $309 million on Sep. 30, 2015.
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