Earnings Fall at First Data Due to Charges

Profit and sales are both below Wall Street estimates.
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First-quarter earnings at

First Data

(FDC) - Get Report

slid 16% from a year ago, weighed down by acquisition-related charges. Earnings before items missed Wall Street estimates.

The records management and processing company earned $391.9 million, or 50 cents a share, in the quarter, compared with $466 million, or 53 cents a share, a year ago. Adjusted for charges, First Data earned 56 cents a share in the 2005 quarter, a penny shy of estimates.

Revenue rose 3% from a year ago to $2.7 billion, about $100 million below the Wall Street consensus.

First Data had about 100 million fewer average shares outstanding in the most recent quarter thanks to buybacks.

The stock was recently down $1.14, or 2.7%, to $40 on Instinet.