First Data's Profit Rises 20% - TheStreet

First Data's Profit Rises 20%

Publish date:

Financial services company

First Data

(FDC) - Get Report

said its first-quarter profits rose 20%, beating the consensus analyst estimate by 2 cents.

The company, which operates Western Union, earned 65 cents a share before special charges, compared with 54 cents in the year-ago quarter. Analysts had been expecting 63 cents, according to Thomson Financial/First Call. After nonrecurring items, the company's reported earnings were 63 cents a share, a 19% increase over the year-ago quarter.

Revenue for the quarter rose 8% to $1.727 billion from $1.605 billion last year.

The company's Western Union money delivery service, representing more than 40% of First Data revenue, saw revenue growth of 15%, while pro forma profits rose 35%.

For the year, First Data reiterated its forecast of 14% to 17% revenue growth and 15% to 18% EPS growth, but offered no more specific guidance.

Before the earnings announcement, shares of First Data closed at $90.00 Wednesday on the

New York Stock Exchange