Benzinga | Apr 27, 2021 09:03AM EDT

Fiserv Beats On Q1 Earnings, Raises FY21 Guidance

* Fiserv Inc (NASDAQ: FISV) reported first-quarter FY21 revenue of $3.76 billion, beating the analyst estimate of $3.57 billion. Acceptance segment revenue posted flat growth. Fintech and Payments segments reported a 3% and 1% growth, respectively.

* Adjusted operating margin expanded 360 basis points to 31.4%.

* Adjusted EPS rose 18% to $1.17, beating the consensus estimate of $1.13.

* The company repurchased 5.2 million shares for $612 million in Q1. It generated $952 million in operating cash flow.

* Fiserv expects to complete the acquisition of independent sales organization Pineapple Payments by Q2.

* The payment processing company has inked a 20-year exclusive alliance agreement with Brazilian bank Caixa Econ?mical Federal in April for merchant acquiring services.

* Guidance: Fiserv raised internal revenue growth forecast from the range of 8-12% to 9-12%. Adjusted EPS estimate was raised from the range of $5.3-$5.5 to $5.35-$5.50. The consensus EPS estimate was $5.42.

* Price action: FISV shares traded higher by 0.89% at $127.68 in the premarket session on the last check Tuesday.