First Data (FDC) Tops Q1 EPS by 3c, Beats on Revenues; Boosts FY18 Guidance

First Data (NYSE: FDC) reported Q1 EPS of $0.29, $0.03 better than the analyst estimate of $0.26. Revenue for the quarter came in at $2.08 billion versus the consensus estimate of $1.86 billion.

• Total segment revenue of $2,080 million, up 11% reported(a), up 10% on a comparable accounting basis(b), up 5% on an organic constant currency basis(c)
• Consolidated revenue of $2,282 million, impacted by the adoption of ASC 606
• Net income attributable to First Data diluted EPS of $0.11, up 175%
• Adjusted diluted EPS of $0.29, up 6%
• Total segment EBITDA of $730 million, up 12% reported(a), up 14% on a comparable accounting basis(b), up 10% on an organic constant currency basis(c)
• Cash flow from operations of $534 million; free cash flow of $368 million
• Total borrowings declined $186 million; net debt declined $239 million in quarter
• Raising full year 2018 guidance for segment revenue growth, segment EBITDA growth and adjusted EPS

Updated 2018 Full Year Financial 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: 6% to 7%, compared to previously disclosed guidance of 5% to 7%. Both ranges include a net benefit attributable to the full year impact of previously announced major acquisitions and dispositions of approximately 2 percentage points.
• Total segment EBITDA growth: 8% to 10%, compared to previously disclosed guidance of 7% to 9%. Both ranges include a net benefit attributable to the full year impact of previously announced major acquisitions and dispositions of approximately 1.5 percentage points.
• Adjusted diluted EPS: $1.42 to $1.47, compared to previously disclosed guidance of $1.35 to $1.40.
• Adjusted Effective tax rate: Approximately 25%, compared to previously disclosed guidance of 27% to 29%.
• Free cash flow: $1.4 billion+, remains unchanged from previously disclosed guidance.

GUIDANCE:

First Data sees FY2018 EPS of $1.42-$1.47, versus the consensus of $1.38.

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

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