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FIS Reports Second Quarter Results

Stocks in this article: FIS

FIS™ (NYSE:FIS), the world’s largest provider of banking and payments technology, today reported financial results for the quarter and six months ended June 30, 2013.

Revenue increased 3.8 percent to $1.51 billion from $1.46 billion in the second quarter of 2012. GAAP net earnings from continuing operations attributable to common stockholders totaled $91 million, or $0.31 per diluted share. These results included debt refinancing costs and an adjustment related to the December 2010 acquisition of Capco, FIS’ global consulting business, which totaled $0.26 per share. In the prior-year quarter, GAAP net earnings from continuing operations were $156 million, or $0.52 per diluted share.

Second quarter revenue increased 3.7 percent on an organic basis compared to the second quarter of 2012, which excludes the impact of acquisitions and foreign currency. Non-GAAP adjusted net earnings from continuing operations attributable to common stockholders increased to $209 million, up 5.5 percent from $198 million in the second quarter of 2012. Adjusted net earnings per diluted share increased 7.6 percent to $0.71 from $0.66 in the prior-year quarter.

For the six months ended June 30, 2013, FIS posted revenue of $2.99 billion, a 4.2 percent increase from $2.87 billion in the prior-year period. GAAP net earnings from continuing operations attributable to common stockholders totaled $239 million, or $0.81 per diluted share. This included $0.24 per share in debt refinancing costs and the aforementioned Capco adjustment, which were partially offset by a gain resulting from the purchase of the remaining interest in shares of mFoundry. GAAP net earnings from continuing operations for the prior-year period were $0.83 per share and included $0.08 per share in debt refinancing costs, charges for accelerated vesting of certain equity grants and other compensation costs.

In the first half of 2013, FIS reported a 4.2 percent increase in organic revenue, a 10.3 percent increase in adjusted net earnings from continuing operations and a 10.8 percent increase in adjusted net earnings per share from continuing operations compared to the prior-year period.

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