First Data (FDC) Misses Q3 EPS by 2c, Updates Guidance

First Data (NYSE: FDC) reported Q3 EPS of $0.35, $0.02 worse than the analyst estimate of $0.37. Revenue for the quarter came in at $2.16 billion versus the consensus estimate of $2.22 billion.

GUIDANCE:

First Data sees FY2018 EPS of $1.38-$1.40, versus the consensus of $1.45.

• Revenue: Organic constant currency segment revenue growth guidance remains unchanged at 5% to 6%. Reported constant currency segment revenue growth was revised to 6.3% to 7.3%, strictly to reflect the impact of divestitures completed in the third quarter of 2018 – this compares to previously disclosed reported constant currency segment revenue growth guidance of 7% to 8%.
• EBITDA: Organic constant currency segment EBITDA growth guidance remains unchanged at 6.5% to 8.5%. Reported constant currency segment EBITDA growth was revised to 7.6% to 9.6%, strictly to reflect the impact of divestitures completed in the third quarter of 2018 – this compares to previously disclosed reported constant currency segment EBITDA growth guidance of 8% to 10%.
• Adjusted diluted EPS: $1.38 to $1.40. This compares to previously disclosed guidance of $1.42 to $1.47. The revision to the EPS guidance primarily reflects the negative impacts associated with certain significant and recent foreign currency movements, and a modest dilutive impact from recently closed divestitures. This current guidance includes an estimated year-over-year adverse impact from foreign currency movements on reported segment EBITDA of approximately $60 million in the second half of 2018 (which was approximately flat in the first half of 2018).
• Free cash flow: $1.4+ billion guidance remains unchanged.

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

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