First Data (FDC) Tops Q2 EPS by 2c, Revenues Beat; Boosts FY18 Segment Revenue Guidance

First Data (NYSE: FDC) reported Q2 EPS of $0.39, $0.02 better than the analyst estimate of $0.37. Revenue for the quarter came in at $2.45 billion versus the consensus estimate of $2.19 billion.

• Total segment revenue of $2,234 million, up 11% reported(a), up 9% on a comparable accounting basis(b), up 6% on an organic constant currency basis(c)
• Consolidated revenue of $2,448 million, impacted by the adoption of ASC 606
• Net income attributable to First Data diluted EPS of $0.36
• Adjusted diluted EPS of $0.39
• Total segment EBITDA of $864 million, up 10% reported(a), up 10% on a comparable accounting basis(b), up 8% on an organic constant currency basis(c)
• Cash flow from operations of $604 million; free cash flow of $378 million
• Total borrowings declined $395 million; net debt declined $344 million in quarter
• Raising full year 2018 guidance for segment revenue growth
• Signed agreement to divest businesses in Greece and Central/Eastern Europe for €375 million

“We delivered another strong quarter of financial results, driven by solid contributions from each of our business segments. Our continued investment in technology aimed at helping our customers grow with cutting-edge solutions continues to pay off, resulting in excellent performance in several businesses,” said First Data Chairman and CEO Frank Bisignano. “Looking ahead, First Data is positioned to build on our first half momentum with continued strong performance in the second half of the year and beyond, supported by our market-leading products and services, strong positioning in key global markets, and commitment to driving value through strategic capital allocation,” Bisignano added.

Updated 2018 Full Year Revenue Guidance

The updated guidance provided below holds foreign exchange rates constant versus the year-ago comparable period (\"constant currency\"), and applies the New Reporting Standards to the referenced year ago period.

• Total segment revenue growth: 7% to 8%, compared to previously disclosed guidance of 6% to 7%. Both ranges include a net benefit attributable to the full year impact of closed major acquisitions and dispositions of approximately 2 percentage points.

Segment EBITDA growth, adjusted EPS, and free cash flow guidance remains unchanged from previously disclosed guidance.

For earnings history and earnings-related data on First Data (FDC) click here.

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