First Data (FDC) Reports In-Line Q1 EPS, Revenues Beat; Affirms FY19 EPS Guidance

First Data (NYSE: FDC) reported Q1 EPS of $0.31, in-line with the analyst estimate of $0.31. Revenue for the quarter came in at $2.32 billion versus the consensus estimate of $2.09 billion.

• Q1 consolidated revenue of $2,316 million, up 1%
• Q1 total segment revenue of $2,117 million, up 2% as reported(a), or up 8% on an organic constant currency basis(b)
• Q1 net income attributable to First Data diluted EPS of $0.17, up 64%
• Q1 adjusted diluted EPS of $0.31, up 6%
• Q1 total segment EBITDA of $754 million, up 3% as reported(a), or up 10% on an organic constant currency basis(b)
• Q1 cash flow from operations of $615 million; free cash flow of $397 million
• Q1 total borrowings declined $158 million; net debt declined $131 million in quarter
• Company reiterates full year 2019 guidance

"We delivered a great start to 2019, driven by strong growth across our core global merchant acquiring and card processing businesses," said First Data Chairman and CEO Frank Bisignano. "We remain focused on the successful execution of our growth initiatives and developing innovative solutions for our clients, and confident in the value that the merger with Fiserv will create for our clients and our shareholders."

GUIDANCE:

First Data sees FY2019 EPS of $1.55-$1.58, versus the consensus of $1.57.

The Company reiterated its full year 2019 financial guidance. The guidance does not include any impact related to the previously announced merger with Fiserv.

• Total segment revenue: organic constant currency(b) growth of 5% to 6%
• Total segment EBITDA: organic constant currency(b) growth of 6% to 8%
• Free cash flow: $1.5 billion+

The Company expects negative impacts to reported segment revenue and EBITDA from divestitures and adverse foreign currency movements to be more pronounced in the first half of 2019.

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

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