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FIS Reports Strong Third Quarter Results

Stocks in this article: FIS

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

Third quarter revenue increased 5 percent on a reported basis to $1.50 billion from $1.44 billion a year earlier. GAAP net earnings from continuing operations attributable to common stockholders increased to $175.6 million, or $0.60 per diluted share, up from $147.8 million, or $0.50 per diluted share, in the year-ago quarter.

Third quarter revenue increased 5 percent on an organic basis, which excludes the impact of acquisitions and changes in foreign currency, from the 2012 third quarter. Non-GAAP adjusted net earnings from continuing operations attributable to common stockholders increased to $218.0 million from $187.5 million in the third quarter of 2012. Adjusted net earnings per diluted share increased 17 percent to $0.74 from $0.63 in the third quarter of 2012.

“By any measure, the third quarter was another very good quarter for FIS as we delivered on all key metrics of growth, profitability and cash generation,” said Frank Martire, chairman and CEO of FIS. “This performance is a direct result of the deep relationships that we have with our clients, the benefits of being a global company, and consistent execution by all of our employees.”

For the nine months, FIS posted revenue of $4.49 billion, a 4 percent increase from $4.31 billion in the prior-year period. GAAP net earnings from continuing operations attributable to common stockholders increased to $414.8 million, or $1.41 per diluted share. This included debt-refinancing costs and an adjustment related to the December 2010 acquisition of Capco that together totaled $0.28 per share, which were partially offset by a $0.02 gain from the purchase of the remaining interest in shares of mFoundry. GAAP net earnings from continuing operations for the prior-year period were $1.33 per share and included $0.08 per share in debt-refinancing costs, charges for accelerated vesting of certain equity grants and other compensation costs.

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