Fiserv Q1 Tops Estimates, Raises Lower End Of FY23 Guidance - Fiserv (NASDAQ:FISV)

Fiserv, Inc (NASDAQ:FISV) reported Q1 2023 revenue growth of 10% Y/Y to $4.55 billion, beating the consensus of $4.19 billion.
Adjusted revenue increased 8% Y/Y to $4.28 billion.
Organic revenue grew 13%, led by 18% growth in the Acceptance segment, 3% in the Fintech segment, and 13% in the Payments segment.
The adjusted operating margin increased by 160 bps Y/Y to 33.6%.
Adjusted EPS of $1.58, coming above the consensus of $1.57.
The company repurchased shares worth $1.5 billion in Q1 2023.
Outlook: Fiserv raised the lower end of 2023 guidance for organic revenue growth of 8% - 9% (prior view 7% - 9%) and adjusted EPS of $7.30 - $7.40 (prior $7.25- $7.40) versus consensus of $7.34.
Frank Bisignano, Chairman, President and CEO stated, "Our strong first quarter results reflect our leadership position and focused execution in an uncertain economic environment. Our Merchant business continued to outperform, while our Payments and Fintech segments demonstrated the depth of our financial institution client partnerships, as we provided support and innovation through a volatile period."
"We raised our 2023 organic revenue and adjusted EPS guidance based on our strong first-quarter results. Our guidance for the year is tempered only by the potential for a weaker, second-half economy."
Price Action: FISV shares traded higher by 3.59% at $121.51 on the last check Tuesday.
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