First Data (FDC) Tops Q4 EPS by 7c
- Wall Street ends sharply higher after Powell comments
- Salesforce (CRM) shares slide despite topping earnings, revenue expectations
- Fed's Powell: Rate hikes to slow, but adjustment just beginning
- Snowflake shares plunge 13% despite Q3 beat
- Market turmoil and economic decline, before recovery in 2023, says JPM's Kolanovic
News and research before you hear about it on CNBC and others. Claim your 1-week free trial to StreetInsider Premium here.
First Data (NYSE: FDC) reported Q4 EPS of $0.32, $0.07 better than the analyst estimate of $0.25. Revenue for the quarter came in at $3 billion versus the consensus estimate of $1.85 billion.
As a result of capital market transactions announced since September 30, 2015, the Company reduced its average borrowing costs from approximately 7.3% at September 30th, 2015 to approximately 5.5% at current interest rates, and reduced its annualized cash interest expense by $0.5 billion to approximately $1.0 billion.
"During a quarter that saw First Data return to public ownership, we were pleased to post continued revenue growth, solid margin expansion, and the refinancing of all our high cost debt earlier than planned,” said Frank Bisignano, First Data Chairman and CEO. “We expect 2016 to be a year focused on the execution of our growth initiatives and continued expense management,” Bisignano added.
In the fourth quarter 2015, the company generated $108 million in cash flow from operations, down $328 million versus the prior year period. Free cash flow, which the company defines as cash flow from operations less capital expenditures and distributions to minority interests, was $(116) million in the current quarter, down $331 million versus the prior year period. The declines in both measures were driven by $349 million of accelerated cash interest payments related to the debt pay downs and refinancing activity during the quarter, and a one-time cost triggered by the IPO. The company finished the quarter with approximately $1.4 billion in unrestricted liquidity.
For earnings history and earnings-related data on First Data (FDC) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Salesforce (CRM) Tops Q3 EPS by 18c, Offers Guidance
- La-Z-Boy (LZB) Tops Q2 EPS by 20c
- Box (BOX) Tops Q3 EPS by 1c; Guides
Create E-mail Alert Related CategoriesEarnings, Management Comments
Related EntitiesEarnings, IPO
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!